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Managing Your E&O Insurance PROGRAMMED INSURANCE BROKERS INC. May 2017

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Presentation on theme: "Managing Your E&O Insurance PROGRAMMED INSURANCE BROKERS INC. May 2017"— Presentation transcript:

1 Managing Your E&O Insurance PROGRAMMED INSURANCE BROKERS INC. May 2017
Prepared by: Paul Topp E&O Program Manager PROGRAMMED INSURANCE BROKERS INC. 49 Industrial Drive, Elmira, ON N3B 3B1 Tel (519) or

2 A look ahead for E&O Regulation Limits Managing claims
Managing coverage

3 Regulation Regulators are doing their due diligence to understand E&O insurance and are addressing shortfalls Claims made forms. Aggregate limits/inadequate limits Multiple jurisdictions

4 Regulators catching up.
Insurance regulators set the bar for coverage and limits a long time ago. The landscape has changed but regulation hasn’t. It will soon. General side has had a $1M limit with a $2M aggregate since For 36 years RIBO has required this minimum limit. It is expected they will adjust this to $3M

5 Claims made form What does it mean? Why is that important?
Does E&O coverage have to be Claims made? How does a claims made form affect compliance with limits? Saskatchewan Regulator? BC regulator? Who is next?

6 What are appropriate limits?
Regulator minimums are inadequate Should have high enough limits to cover you biggest exposure. Changes in litigation landscape. Claims are on the rise. Lawyers advertising, taking contingency cases, judges approving class actions without multiple plaintiffs. Amounts go up. The political non answer, answer. As much as you can afford.

7 Managing Claims What is a claim? Demand.
What is a circumstance? Report. The application, the wording, the contract. The signed application is your word given freely with utmost good faith. The application forms part of the contract. Your policy covers you for the professional activities you declare…nothing more. Report as soon as you become aware.

8 Avoiding Claims- Communicate & Document
Communicate with your client. Mergers-acquisitions get to know your new clients. Document your conversations completely. Make sure EVERYONE in your office does this, every time.

9 Managing Coverage Communicate with your broker. “Are we covered for….” “What are we not covered for”? What is an ERP and why do I need it? Who is protecting you when you retire. Claims Made!

10 QUESTIONS


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