1. . www.InsuranceCommunityUniversity.com Reduce Mistakes – Reduce Agency Risk and Loss of Client  90% of E & O claims are caused by a mistake (error) not an omission  More than 50% of all E & O claims derive from failure to recommend coverages, failure to identify exposures or reduction of coverage due to re-marketing at renewal  Today – any account is open to competition 1

2. . www.InsuranceCommunityUniversity.com Client Cycle Identify Exposures Design Coverage Submit for Quote ProposalCloseRenew 2

3. . www.InsuranceCommunityUniversity.com Transaction Cycle Application Company quote Proposals PolicyCorrections Binders Certificates Evidence Policy Changes 3

4. . www.InsuranceCommunityUniversity.com Account Review Basic Information: Who, What, Where Locations / Operations Gross Sales/Payroll Current Insurance Missing Coverages 4

5. . www.InsuranceCommunityUniversity.com No Assumptions Coverage datesName Insured correct First Named insured All other entities included or written separately Inactive entities included Locations 5

6. . www.InsuranceCommunityUniversity.com Claim Example  Benefit Plan (401K) changed  Client created new plan  Fiduciary policy written to cover a specific plan name only New plan was not included  Several employees sued employer No coverage E & O claim resulted against agent 6

7. . www.InsuranceCommunityUniversity.com Summary  Getting it right is difficult  Identify risks / exposures  Design insurance program  Market – obtain company quotes  Proposal accurate  Corrections made  Policy issued and corrected  Lot of work to be proud of 7