The NEW AIAM 410 How Not To Get In Trouble With Your Mouth

AIAM 420 looks into errors and omissions and how the agency can prepare for any claims. Topics include documentation, highlights of the ISO policy, checklists, and procedure manuals.

Outline

1. Introduction
2. 1. Lawsuits
      1. Article –Man Sues Everyone
      2. Article-Man Sues Michael Jordan
3. 2. Language of our own
4. Characteristics of an insurance contract
5. 1. Principle of Indemnity
      1. Same financial condition
      2. ACV
      3. Replacement cost
      4. Valued policies
6. 2. Liability Insurance
      1. Contract of indemnity
      2. Limits
7. 3. Insurable Interest
      1. Must be present
      2. Gambling
8. 4. Unilateral Contract
      1. Enforceable promise
      2. Contrast to insured
9. 5. Conditional Contract
      1. Dependent upon conditions
10. 6. Personal Contract
       1. Non-transferable
11. 7. Adhesion
       1. As is policy
12. 8. Aleatory contract
       1. Unequal transfer
13. 1. Doctrine of Good Faith
       1. Reliance on statements from insured
       2. Insurer has obligation to refrain from:
          1. Refusing to pay for covered loss
          2. Causing unfounded delay
          3. Deceiving insured
          4. Exercising any unfair advantage
14. 10. Warranty
        1. Statement of fact
        2. Expressed
        3. Implied
15. 11. Representation
        1. Truthful completion of the application
16. 50. Concealment
        1. Willful act of withholding
17. Highlights of the Insurance Policy
18. 1. Declaration
19. 2. Insuring Agreement
    3. Covered Property
20. 4. Covered Perils
       1. Open Perils
       2. ACV
21. 5. Exclusions
22. 6. Definitions
23. 7. Conditions
24. 8. Endorsements
25. Streamlining the Process-Preventing E&O
26. 1. Documentation
       1. Document Everything
       2. Important aspects
          1. Note the date, time, and duration of conversation
          2. Note name and title of individual
          3. Note where conference took place
          4. Note most important parts of conversation
          5. Follow up to confirm the conversation
       3. Standard conversation form
       4. Risk management approach
          1. Identify risk
          2. Analyze risk
             1. Avoidance
             2. Loss control
             3. Retention
             4. Contractual risk transfer
             5. Insurance
          3. Select the best method for handling the risk
          4. Implement
          5. Monitor
    2. Checklists
       1. Any form of coverage currently in effect for this exposure
       2. Coverage not provided, should it be?
       3. Previously contemplated but not purchased
       4. Coverage modified or dropped
       5. Exposures underinsured or uninsured
27. 3. Questionnaires
28. 4. Procedure Manual
       1. Invariable practice
       2. FS 90.406
29. 5. Limits
       1. E&O Limits
       2. Agent of Record 
30. 6. Signing the Application
31. 7. Duty to the Insured
       1. Tiara v. Marsh
       2. Special Relationship
          1. Does the agent claim to be an expert
          2. Claimed coverage but did not
          3. Volunteer advise
          4. Length and depth of relationship\
          5. Charge fee for advise
32. 8. Website
       1. Experts
       2. Service second to none
       3. Continually evaluate polices
33. Conclusion
    1. Unauthorized Entities