A producer's first instinct when unfairly hit with an errors and omissions claim may be to fight it. However, a New York attorney advises that settlement is often the only practical course of action–adding that the best way to avoid a claim is to be prepared to defend against it.
While courts often find in favor of insurance brokers and agents in E&O cases, many producers opt to settle instead of chancing the vagaries of the legal system, according to David Paige, an attorney with DeWitt Stern Group Inc.
His comments came during a continuing education session sponsored by the Professional Insurance Agents of New York at its recent annual Metropolitan Regional Awareness Program.
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