The Swiss Re insurance agents E&O policy requires that insureds report “claims” and/or “potential claims” “as soon as practicable”. The earlier a claim is reported and Swiss Re is involved, the more likely it will be resolved quickly. In fact, since the Swiss Re policy is a claims made policy, it is to the insured’s benefit to report any and all claims/potential claims to insure that they are timely reported within the policy period.
Do not admit liability—to the insured or the insured’s insurance company
Be empathetic, BUT choose your words very carefully
Do not discuss or provide copies of your E&O policy to anyone
Do not offer to pay the claim yourself - even small amounts! (contact Swiss Re for assistance on paying claims yourself)
Do not agree to give a deposition or provide a statement, even to the customer’s insurance company.
Involve your E&O Improvement Specialist, or other appropriate agency personnel, and appoint a person who will be the agency’s sole point of contact for all matters related to the claim
Interview every person involved in the claim—and remember it’s not about the “who”, it’s about the what, when, where, and how
Have each person involved in the situation write a narrative describing the incident and check the customer’s file to determine the chronology of events
Forward all documentation to your E&O carrier
Cooperate fully with your E&O carrier
What Does a "Claim" Mean
A claim means one of three things:
That an "insured" has received a summons, a subpoena, or any other notice of legal process;
That an "insured" has received notice of any SUIT; or
That an "insured" has received notice of a written demand, or a written demand for money or services.
What Does a "Potential Claim" Mean?
A "potential claim" means that an "insured" has become aware of a proceeding, event, or development, which could in the future result in the institution of a "claim" against an "insured".
Will Reporting a Potential Claim or Claim Forfeit Future Deductible Waiver Option Use?
No. The Deductible Waiver Feature is not related to the number of potential claims or claims reported
