E&O Prevention
Strategies for the Professional Agent
May 19, 2016 

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AOA News, Views, Tips & More
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AgentsofAmerica.ORG  mission is " Bringing the Best Together" we are committed to selecting and delivering highest level of content dealing with both topical issues and subject matter, including offering products, information and services that will not only save you time but also create more revenue opportunities. We are an organization dedicated to the personal and professional growth of insurance agents.  The key to your success and "Avoiding E&O Claims" is understanding what is important to you and more importantly understanding protecting and enhancing your three most important assets: Agency Reputation, Client Base, and Staff

Thru our partnership, alliances and affiliations with the industry leading experts and providers, AOA has become one of the nation's leading resources for connecting agents with industry professionals, highly relevant news, agency revenue building products, risk management & loss prevention services, career opportunities and continuing education.  For more tips, news, views and resources for your insurance agency, visit   Agents of America  and subscribe to our newsletter.
The Evolving Face of Cyber Threats

Cyberattacks are a clear and present threat to government agencies. The Center for Strategic and International Studies (CSIS) estimated the annual global cost of cybercrime is upwards of $445 billion in a 2014 study. The report further states the average cyberattack continues undetected for several months. Full and detailed data analysis is one of the only emerging ways to get ahead of these threats. According to industry experts, cyber threat analysis currently relies on automated as well as human input.   CLICK HERE

Panama Papers Takeaway for Financial Institutions: Check Your D&O and E&O Insurance
By Finley T. Harckham, Esq., Marshall N. Gilinsky, Esq. and Peter A. Halprin, Esq. of Anderson Kill P.C. 

This month, The International Consortium of Investigative Journalists began reporting on their review of over 11.5 million documents, the private client files of a Panamanian law firm that specialized in trust services, covering a 40-year span.  Read More

Insurance Broker Had No Duty to Inform Security Company Insured of Change in Exclusion Language for Alarm Systems
By Donald A. O'Brien, Esq. of Hinshaw & Culbertson LLP

Plaintiff was the bankruptcy trustee for DTM, a company that provided security guards to various government agencies including the Department of Defense (DOD). Defendant insurance broker assisted DTM in obtaining a commercial general liability policy and an umbrella policy. DTM, in filling out applications for coverage, never requested coverage for "Burglar/Fire Alarms" which required a separate applicationRead More
The Proof Is In The Password!
By Geoffrey Belzer, Esq. of Wilson Elser

Consider this scenario: A young couple entrusts you, an experienced real estate attorney, to assist them in the purchase of their first home. Days before closing, your unsecured email account gets hacked and your client receives an email, which to all appearances is from you, telling them to wire funds to a third-party account instead of bringing the cash to closing.  Read More
By Theodore Augustinos, Esq. and Karen Booth, Esq. of Locke Lord LLP

Recent action by the National Association of Insurance Commissioners (NAIC) could eliminate the requirement to issue redundant annual privacy notices under certain circumstances, while imposing new and onerous data security and breach notification obligations, as further described below.  Read More
Check Your Spam Filter, You Might Have Been Selected for a HIPAA Audit
By Joseph J. LazzarottiEsq. and Michael R. Bertoncini, Esq. of Jackson Lewis P.C.

The federal Office for Civil Rights (OCR)  announced  Phase 2 of its HIPAA Audit Program (Program). In its announcement, the OCR reports that the Program is underway and provides some helpful FAQs for covered entities and business associates about the Program.  Preparation is critical  and there are some key points covered entities and business associates should focus on.  Read More

By Alan Meneghetti, Esq., Natasha Ahmed, Esq. and Philippa Townley, Esq. of Locke Lord LLP

In February, the California Court of Appeal ruled in Doe Run Resources Corp v. Fidelity & Casualty Co. of New York (2016) WL 379839, that an excess insurer did not have to contribute to a settlement where the insured failed to obtain the excess insurer's consent before signing the settlement agreement.  Read More

By Seth L. Laver, Esq., Michael P. Luongo. Esq. and Michael S. Saltzman. Esq. of Goldberg Segalla

Professionals depend on third-party email services to operate their business.  As a result, professionals may assume that the vendor is safeguarding their electronic information and therefore the professional is not exposed. False. Consider an attorney sued recently for malpractice arising from an e-mail hacking scam.  Read More

I Have A First Amendment Right To Observe And Record! Or So I Thought
By April L. Cressler, Esq. of Marshall Dennehey Warner Coleman & Goggin, P.C.

The United States District Court for the Eastern District of Pennsylvania finds there is no First Amendment right to observe and record police officers absent some other expressive conduct. In two separate incidents, Philadelphia police officers encountered, and in once case cited, two individuals who had been capturing police conduct on film but who were not commenting or questioning the police conduct at the time of the recordings.  Read More

5 Mistakes Salespeople Make Using Social Media
By Mark Hunter, "The Sales Hunter"
Sites like LinkedIn, Facebook, Twitter and others can be powerful tools to help you prospect more effectively.  In my new book coming out this September, "High-Profit Prospecting," I share insights every salesperson needs to know.   Read More

Letter From  the Publisher
Protecting Your Reputation

As every Insurance Agent knows, their most important asset is their reputation, it takes years to build and just one mistake to ruin. Understanding the issues is the first steps in avoiding E&
O Claims. AOA has created a three book series dealing with 56 different E&O topics and issues agents face every day. Enter promo code
WPD20 at checkout for an additional 20% discount.

Book One - 
A Comprehensive Guide To Avoiding E & O Claims
Book Two - 
E&O Exposures in the Sales Process

Book Three - 
E & O Exposures By Line of Business

Demotech, Inc.
Since 1985, Demotech, Inc. has served the insurance industry by assigning accurate, reliable and proven Financial Stability RatingsĀ® (FSRs) for Property & Casualty insurers and Title underwriters. FSRs are a leading indicator of financial stability, providing an objective baseline of the future solvency of an insurer.  You can search the most current FSRs Here Also check out their new videos Consumer Reference on Insurer Financial Analysis and Thoughts on Insurer Financial Analysis
Do You Need Continuing Education?
Complete your entire  State-Required CE Online with WebCE!   AOA has partnered with WebCE, a leading nationwide provider of Continuing Education for insurance professionals to provide you with state-approved self-study CE courses to satisfy your CE requirements online!  Check out your  CE State Requirements.  

Is Your Insurance License Renewing Soon?
Is your agency licensed in multiple states? Does your agency maintain nonresident licenses? Do you know when renewals are due? Did you know a resident change requires address changes in the states in which an individual holds licenses? If you need assistance with any of your licensing needs go to the experts Supportive Insurance Services.

This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during the past year. We sincerely trust you will find this manual to be a valuable desk reference and if you have any questions regarding the contents, please contact John P. Dearie, Jr., Esq. Editor and Partner at Locke Lord LLP at  jack.dearie@lockelord.com  or (212) 912-2737

Ernst & Young
The 2016 Sensor Data Survey "Disrupt or be disrupted"
Ernst & Young surveyed senior executives from nearly 400 insurers around the globe, the survey addressed both current practices and plans for tomorrow. The results make clear that forward-looking and top-performing insurance organizations are already innovating with telematics, wearable technology and sensor data, though not to the extent of leaders from other sectors. Why is sensor data so important to insurers in particular? On the strategic front, it presents a clear and compelling opportunity to reengineer the fundamental value proposition through transformative product innovation to benefit customers and shareholders. CLICK HERE  

Regulatory Top Regulatory Trends For 2016 In Insurance 
This publication is part of the Deloitte Center for Regulatory Strategies cross-industry series on the year's top regulatory trends. This annual series provides a forward look at some of the regulatory issues we anticipate will have a significant impact on the market and our clients businesses in the year ahead. CLICK HERE

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