Errors & Omissions Issues

Court Decisions

• Murphy v. Kuhn. The complete text of the New York Court of Appeal's decision that defined agents' and brokers' duties to their clients.
• Chase Scientific Research, Inc. v. NIA Group, Inc. New York Court of Appeals decision that set statute of limitations for claims against insurance agents and brokers
• Hoffend & Sons, Inc. v. Rose & Kiernan, Inc. 2006 N.Y. Court of Appeals decision supporting an IIABNY member in an alleged E&O case

• E&O Considerations for the Automated Agent (Agents Council for Technology — Keidel, Weldon & Cunningham, LLP)
• Form for Insureds to Sign Giving Consent to Receive Electronic Policy Documents
• Memo on How To Handle Unclaimed Premium Funds (Keidel, Weldon & Cunningham, LLP)  
• Letter To Your Homeowner Clients — Ordinance Or Law Exposure (MyNewMarkets.com)  
• The E&O Report
• Acquisition/Merger: An Errors & Omissions Challenge
• Insurance Agent Liability in Katrina Litigation (IRMI.com, January 2007)
• Statute of Limitations (The E&O Report, August 2003)
• Web Site Disclaimer Sample Language

E&O Loss Prevention Tools

• Interest on Funds Held in Premium Accounts
  Form letter to an insurance company confirming the company's consent for an agency or brokerage to retain interest on premium funds held in trust
• Voice mail & email disclaimer text (The E&O Report, Aug. 2009)
• Personal Lines Coverage Checklists (Big I Virtual University)
  • Sample 1 (shared by Florida Association of Insurance Agents)
  • Sample 2 (shared by Independent Insurance Agents of Texas)
• Commercial Lines Coverage Checklists (Big I Virtual University)
  • Sample 1 (shared by Florida Association of Insurance Agents)
  • Sample 2 (shared by Independent Insurance Agents of Texas)
• Letter to Insured Conveying Information That Insurer's Financial Rating Has Dropped

NYC Department of Transportation

• Sample letters to clients who do work for New York City Dept. of Transportation
  Following negotiations led by IIABNY and including other insurance producer groups, the New York City Department of Transportation has agreed to modify its requirements for certificates of insurance. The action will allow agents and brokers to issue certificates that the DOT will accept, enabling insured contractors to obtain sidewalk and roadways construction permits. While the certificate form may satisfy the requirement for a permit to be issued, some insurance policies may not provide all of the coverage terms required, opening up the potential for an E&O exposure to the agent. The association's general counsel Jim Keidel of Keidel, Weldon & Cunningham, LLP, has developed a sample confirming letter and acknowledgement form that can be used to advise your clients of a possible coverage gap. IIABNY is continuing to work with the NYC Department of Transportation to recommend changes to the existing regulation.

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