Report all losses (including your own)

How do you meet your customer’s needs while steering clear of a potential E&O minefield? FAIA’s E&O partner Swiss Re Corporate Solutions offers the following advice:

• Never assure a customer that coverage applies.
• Never assume a policy excludes coverage.

Promptly report all losses to all companies where coverage is possible.

• Never admit liability; for example, never say, “I am sorry, we did not add the coverage that you requested.”

If there is any possibility that there was an agency mistake that could lead to a claim denial, immediately report this “potential claim” (the Westport E&O policy defines this term) to your E&O carrier at once.