False EO insurance policies exclude coverage for regulatory fines of any size.

Exclusions in an insurance agent’s e&o policy. An exclusion is essentially something that is not covered by your insurance provider. Moses Nwaigwe sued Prudentail and its agent William Eckert for failing to disclose a policy exclusion that the company used to deny a claim. Expectations are high and if your business fails to perform its professional duties you could face a lawsuit.

It also only covers lawsuits filed against your business by clients. This holds especially true for complex coverages such as directors and officers insurance. These laws vary from state to state but in general agents must fulfill the wishes of their clients and communicate if theyre unable to do so.

Professional liability coverage doesnt apply to anything other than the profession shown on the policy. The above question comes up more often than it should. Insolvency Exclusions under EO Policies At a Glance June 7 2016 Insurance Specialties Services Inc.

Below Are 5 Exclusions to Professional Liability Coverage. Even if I do not misrepresent a product but a client alleges I did no. The independent contractor exclusion leads to EO suit against insurance agent Since the Monticello decision there have other decisions under Massachusetts law upholding an independent contractor exclusions.

As an insurance provider youre constantly providing advice to others but you need to understand your own insurance policies as well. As an agent you should always know the exclusions listed under a specific policy. Prudential Property Casualty Insurance Company discusses the agents responsibility.

EO insurance is necessary for your insurance business but what exactly does it cover. Insurance agent legal obligations are the laws that agents must abide by in the course of their work. EO for insurance agents can help pay for your legal fees including court-ordered judgments or settlements decided out of court.