“Understanding an Agent’s E&O Risks When an Insurer Becomes Insolvent,” Property Casualty 360
“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,” writes Colleen M. Murphy, partner in Goldberg Segalla’s Professional Liability and Global Insurance Services Practice Groups.
“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 that they must advise insureds of insurer insolvency.”
In this article, Colleen examines a number of critical considerations and seminal case law on this issue, to provide practical tips to help agents and brokers minimize their potential for facing an E&O claim from clients when an insurer becomes insolvent.
Read the article here:
- “Understanding an Agent’s E&O Risks When an Insurer Becomes Insolvent,” Property Casualty 360, April 9, 2014