Thank you for sharing!

Your article was successfully shared with the contacts you provided.

How many times over the last couple of years has your agency found it necessary to move a personal lines or commercial account to a new carrier? Due to the soft market, it has probably happened fairly frequently. In most of these situations, the premiums were probably lower, resulting in a happy customer and the retention of the account.

The next question is: How confident are you that the coverage with the new carrier was at least equal to the expiring policy—or if it wasn’t, was the customer aware of the fact and did he or she sign off on the differences? If you didn’t identify the differences and a loss occurs that would have been covered by Carrier A but was not covered by Carrier B, your customer will not be happy and may consider bringing an E&O claim against you and your agency.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.


  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?



Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.