Errors & Omissions Risk Management Discounts
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Errors & Omissions Risk Management Discounts

How Do I Save Money on My E&O?

  • 100% DEDUCTIBLE REDUCTION - If any "insured" generates and maintains contemporaneous documentation in the agency file of the refusal of any customer to accept any type of coverage or limit recommendation made by the "insured", and if the "insured" subsequently has a "claim" alleging the failure to secure such recommended type of coverage or limit, 100% of the "insured's deductible" for that "claim" will be waived up to a maximum of $25,000 or until dismissal of such allegations, whichever is first.
  • Customized E&O Loss Control Course – Participate in class or online in our E&O Loss Control course and receive 10% off your policy premium each year for two years (per guidelines). This course qualifies for 3 CE credits!
  • Operational Improvement Review – Receive policy credit for having an agency audit performed.
  • Claim Free Credit
E&O Risk Management Class - 10% Premium Credit for 2 Years
Utilizing the most recent national, regional and statewide data available, the IIAW offers an educational E&O course. IIAW's Director of Risk Management, Mallory Cornell is an approved instructor and can customize the course to include new and relevant materials to your agency which will ensure an energized discussion applicable to any member of your agency. The program also qualifies for the 10% premium discount on IIAW/Swiss Re E&O policies, per guidelines.   
Operational Improvement Review - 10% Premium Credit for 5 Years
During the process, agency operational workflows are reviewed including: agency website, customer file maintenance, document management, file documentation, diary system, and template customer correspondence used, such as form letters, checklists and proposals. Your agency will receive an Operational Improvement Report recapping what was reviewed and a summary of urgent, critical and long-term improvements. The report will outline the process and resources to improve the agency operation including suggested responsible party and completion date.
E&O Risk Management Class AND Operational Improvement Review - 25% Premium Credit for Up to 5 Years
Earn a large premium credit by completing both the requirements for the E&O Risk Management Class and Operational Improvement Review. This is the best way to conduct proactive risk management at your agency by both creating a E&O risk aware culture while having your agency operations reviewed by an approved risk auditor. Upon completion, you will receive up to a 25% premium credit on your Westport E&O policy. Contact the IIAW to learn more.

Contact the IIAW at info@iiaw.com for more information

 

E&O Risk Management Resources