Errors and omissions by an insurance producer can be extremely costly and damaging to the producer’s professional reputation. This course is designed to help insurance agents and brokers prevent many types of errors and omissions involving commercial property insurance. The verb prevent is used here in the risk management sense. Loss prevention seeks to reduce the frequency or likelihood of claims. Complete avoidance is impossible. An agent or broker who has handled everything properly, following every guideline within this course, may still be sued for some alleged error or omission. However, the producer who successfully completes this course is less likely to be charged with an error or omission and will probably be better able to defend himself or herself against these allegations.
IMPORTANT CHANGES Effective 1/1/2020, new risk management (formerly loss control) credit compliance and credit options will be available to Westport clients.
1. The credit will remain on your account for 2 years instead of 3.
2. Credit will no longer be lost because of claim activity.
3. E&O seminar attendance requirements will be 3 hours instead of 6. October 2019 E&O seminars will qualify for both the three-year and two-year credits.
4. Required number of staff for the base 10% credit per listed below:*
•1-4 staff = 1 attendee
•5-11 staff = 3 attendees
•12+ staff = 25% of staff with a maximum of 15 attendees. At least one attendee must be an *active agency
principal, owner or officer is required for all three levels.
5. If you qualify for the 10% risk management credit, you can also earn up to an additional 10% credit with the options below:
> 50% or more of staff attendance at an E&O seminar or webinar = 5% credit. If you have an odd number of employees, round up for the proper number of attendees.
> Agency use of a coverage checklist = 5% credit. Checklist must be submitted for underwriter review and approval prior to the renewal for credit to apply.
> Voluntary website review = 5% credit. Website review must be done by a Westport approved auditor, and findings must be implemented before credit will apply.
Please contact the Big I NJ at 609-587-4333 for more details or questions.
Approved for 3 NJ CE Credits