E&O Commercial Property Coverage Gaps and How to Fill Them - Part II
Wednesday, October 9, 2024
Description
Are you NEW to ABEN? Use Code 1stABEN40 at checkout to receive your 40% discount! It can be used on the purchase of multiple classes, as long as they are included in the same transaction. ABEN offers high-quality CE and professional development Webcasts via live-streaming video.
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10:00 AM - 1:00 PM
This course is Part 1 of 2 (3 hrs each) in this E&O module - As of January 1, 2020 3 hours of content must be taken to qualify for the 10% E&O premium discount!
Course Description
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.
Chapter 1 sets the stage for a discussion of producer errors and omissions by summarizing agency law and how affects insurance agents’ and brokers’ duties to both insurers and their clients. The course then deals specifically with some of the more common problems associated with the following.
- Commercial property insurance (Chapters 2 and 3) Part I & II
- Time element insurance (Chapter 4) Part II
- Inland marine insurance (Chapter 5) Part II
Approved for 3 NJCE Credits