Errors and Omissions News

Tennessee City Loses Insurance, Shuts Down City Services

The city of Niota, Tenn., is again without insurance and has shut down most city services. According to The Daily Post-Athenian, only a skeleton staff remains in the city of about 800 residents. Coverage through the Tennessee Municipal League lapsed …

Agent Liability for Insurer Insolvency

Agents’ errors and omissions (E&O) policies provide protection for agents for certain negligent acts committed in their professional capacity but may exclude coverage for liability related to an insurer’s insolvency. These “insolvency exclusions” typically exclude coverage if the agent places …

New E&O Policy for Artisan Contractors Includes Faulty Workmanship Coverage

Victor O. Schinnerer has created a new errors and omissions product for artisan contractors that includes coverage for faulty workmanship. “We want to offer our artisan contractor policyholders an insurance solution that speaks to their unique exposures. Many artisan contractors …

Lawyer Malpractice Claims on the Rise

The economy has taken its toll on all businesses today and law firms are no exception. They have experienced downsizing, pressure to change specialties in order to compete for new business, and other cost cutting measures, according to industry insiders. …

Arrowhead Announces Acquisition of Alexander Anthony Insurance, LLC

San Diego, CA, 11/03/2010 – ARROWHEAD General Insurance Agency, Inc., a leading provider of property and casualty insurance programs and one of the nations largest program managers, is pleased to announce the acquisition of program manager Alexander Anthony Insurance Agency, …

Ratings Roundup: Middle East, China Taiping, LAWPRO

Standard & Poor’s Ratings Services has lowered its long-term counterparty credit and insurer financial strength ratings on Jordan-based Middle East Insurance Company (MEICO) to ‘BBB-‘ from ‘BBB’. The outlook is stable. The rating action follows the “downgrade on March 12, …

Agents Urged to Tell Insureds of Flood Program Lapse

Insurance agents with customers waiting to be covered in the federal flood insurance program should tell those customers about the program’s suspension, an insurance expert is advising. As reported by Insurance Journal, the program could be in limbo for about …

Essentials: Wrap-Ups and Agent E&O Exposures

Insurance agents who write insurance coverage for subcontractors in the construction field need to be familiar with consolidated insurance programs (CIP). These type of programs are often labeled as “wrap-up” programs. There are two types of CIPs that the agent …

The Coverage Conundrum in Chinese Drywall Claims

Unless you live in Florida or Louisiana, or regularly read the Insurance Journal, you may only now being hearing about the latest mass tort craze: Chinese-Manufactured Drywall (often simply referred to as “Chinese Drywall”). The property damage and personal injury …

New Property Managers Errors and Omissions Insurance Program Announced by New Empire Group

A new errors and omissions insurance program for property management firms, named SmartPro&#8482, is now available from New Empire Group, Ltd. Robert E. Mackoul, CLU, Chief Executive Officer of New Empire Group stated, “The program is geared toward small to …