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Extra lockdowns, BI lawsuits may put brokers and brokers in precarious place


Continue reading: “It just gets harder” to find cover for business interruptions

There are a few key points that matter to Woodward right now. The first is that minor documentation procedures for Main Street agents and brokers and their general standard of care may have loopholes for lawyers to dig into.

There are many specialist real estate agents and brokers who manifest themselves as experts, noted Woodward, “and maybe advertise on their websites as” We’ve got you covered. ” In these cases, he told the insurance business, he could spot problems. Agents and brokers can find themselves in hot water, especially in special relationships where they have been paid a fee in addition to commissions, or if they have a longstanding relationship with a client and there is evidence that the client has relied on theirs Agents or brokers have been experts for years, but this professional has not raised any significant and relevant exposure to them or simply has not documented that it was an exposure.

“Sometime, [clients may] Look for alternative recovery options and likely one of the next targets will be the agent or broker, ”said the expert.

Continue reading: NJ Restaurants are filing class action lawsuits for denied COVID-19 business interruption requests

Currently, freight forwarders such as Admiral Insurance are asking their agent and brokerage partners if they have updated their procedures and if they are telling customers so, depending on the coverage, for example, (particularly the business interruption that was the focus) with many coronavirus-related lawsuits It may be difficult to find an affordable option that suits your needs, but the agent or broker will do their best to find coverage.

“For example, when you talk about a professional liability specialist in the field of architects and engineers, that exposure is not nearly the same as that of a real estate specialist who places BI directly,” said Woodward. “But there are a lot of smaller Main Street agents who say, ‘We work from home, we have a backup that we’ve been using for years, we only have two, and we don’t see the need [for a particular coverage because] We don’t see the exposure. ‘”

Continue reading: Six insurers are faced with federal class action lawsuits for rejecting business interruption claims

Before agents and brokers become customers’ targets, they must evaluate their procedures and change behaviors that can later lead to problems. Woodward advises that they make their customers aware of business interruptions and pandemics and document them. In fact, Admiral Insurance now needs additional information about each account, whether it is new business or renewal, how those risks are being addressed with clients, and the risk management protocols agents and brokers have implemented to protect themselves .

“If you don’t bring it up, we want you to bring it up and come up with a plan that will make it part of your documentation and suggestion process so we can continue reporting,” said Woodward. “If it doesn’t happen, it’s worrying enough that we’re not ready to move forward.”

He added, “It’s better to just be overly careful with it.”

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