CHAIR OF THE BOARD'S MESSAGE
E&O CONCERNS IN A HARD MARKET A lot has been said about this hard market – and rightfully so. For some of us, it’s the first we’ve experienced. And for all of us, it’s been a challenge. It’s truly a great leveler in our industry. No matter what lines of business we write, or what types of clients make up our book, we’re all feeling the strain. The January Primary Agent looks at another repercussion of the hard market – increased errors & omissions exposure. Customers may drop or reduce coverage to offset premium increases. Agency staff may make mistakes in their haste to remarket policies. Companies may deny claims due to new exclusions – or they may struggle with their own financial stability. All of these, of course, may contribute to an increase in E&O claims.
INSURANCE AGENTS & BROKERS 650 Wilson Lane, Suite 200 Mechanicsburg, PA 17055 191 Main Street, Annapolis, MD 21401 800-998-9644 | IABforME.com
IA&B BOARD OF DIRECTORS OFFICERS Sarah Brown, CIC, CRM, AFIS - Chair Keller Brown Insurance Services | Shrewsbury, PA Andrew Enders, Esq. - Vice Chair Enders | Harrisburg, PA
MEMBERS Lisa Parry Becker, CPIA
Bill Purdy
Greg Bennett
Kent Reynolds, CIC
Kate Dawson, CPIA
David Rivell, CIC, CRM
Len Gieseler, LUTCF
Jason Rodriguez, CIC
I would be remiss if I didn’t remind you of IA&B’s own insurance agency. IA&B Insurance Agency Senior Director Kevin Hord and his team are uniquely positioned to build insurance programs for independent agencies. And you can take it from me that their customer service can’t be beat!
Bruce D. Kraft, AAI, CIC
Donna Roper
Debra McAfee
Candace Shoupe, AAI, AIC
While we enter this new year with challenges – the hard market one of them – let’s face it with optimism. The independent agency channel is resilient, our agents’ association is supportive, and I’m confident we’ll come through this stronger than ever.
Shayne McIntosh, CIC
Bob Smyrl, CIC
JPI Insurance Associates Dillsburg, PA
Robert L. Smyrl, Inc. Hatfield, PA
Chris Miller, CIC
Michael Thomas
In this issue, you’ll find ways to reduce your agency’s risk by properly handling certificates of insurance (pages 3 and 4), as well as strategies for responding to carrier rating downgrades (page 10). Find more resources at IABforME.com/EOprevention and more tips during upcoming E&O courses (see IABforME.com/education).
Until next time,
Parry Insurance Langhorne, PA
Famous & Spang Associates Aberdeen, MD Ferri Dawson Insurance Murrysville, PA Evans Hauseman & Richard, Inc. Pottstown, PA Arbor Insurance Group Allentown, PA
McAfee Insurance Agency, LLC Wilmington, DE
Miller Insurance Protection Team Jonestown, PA
Purdy Insurance Agency, Inc. Sunbury, PA Blue Ridge Risk Partners LLC Hagerstown, MD Element Risk Management West Chester, PA Prominent Insurance Svcs Wilmington, DE E K McConkey & Company York, PA CBM Insurance Agency New Castle, DE
Lighthouse Insurance Svcs Gambrills, MD
Michael Papa, CIC, MBA Diversified Insurance Industries, Inc. Hunt Valley, MD
NATIONAL DIRECTORS Sarah Brown, CIC, CRM, AFIS Chair of the Board
Mike Ertel (PIA) AP Benefit Advisors, LLC dba The Jacobs Company | Columbia, MD Diana Hornung, CIC (IIABA) IOA National, Inc. | Wilmington, DE
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JANUARY 2024
Mark Monroe (IIABA) Griffith Insurance, LLP | West Chester, PA
