“It is important for agents and brokers to understand what their legal duties are in the specific states in which they are selling insurance, and whether any state statutes exist providing that they must advise insureds of insurer insolvency,” writes Colleen M. Murphy, partner in Goldberg Segalla’s Global Insurance Services and Professional Liability Practice Groups.
Minimizing an insurance producer’s errors and omissions (E&O) exposure due to an insurer’s insolvency has been a longstanding concern for agents and brokers. In this article published by Insurance Agents & Brokers, Colleen provides an overview of relevant case and statutory law, along with practical tips and resources, related to E&O loss prevention in such situations.
Read the article here:
- “How to Swim When Insurers Sink,” Primary Agent, May 2015