kpbdy99
Super Genius
- 162
Would you carry your E&O into retirement? You still have a lot of clients out there you sold a policy to 10, 20, 30 years ago. I'm thinking you should keep your E&O in place?
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I'm thinking you should keep your E&O in place?
Does SOL run from time of application or claim made? It would seem to be claim made as I have known suits to be filed over years old policies. If that be the case. We need the E&O as long as we have policies still on the books.Yes. At least until the statute of limitations for a lawsuit expires. SOLs vary by state so you would have to look up yours.
I imagine that continuing the coverage would cost less once you are no longer active.
(caveat, not an agent)Does SOL run from time of application or claim made? It would seem to be claim made as I have known suits to be filed over years old policies. If that be the case. We need the E&O as long as we have policies still on the books.
It seems that is based on time of loss which in the case of avlife policy would be the death of the insured. Of course if a policy is over two years old, the claim will be paid so there would be no cause of action over that. But that does not been the beneficiary could not bring a claim over the appropiateness of the coverage. In that case the company is out of it and it all falls on the agent. I know of a case where an agent was sued for not reccomending enough coverage.When the SOL accrues varies from state to state, as explained in the following article.
Thorny Statute of Limitation and Choice of Law Problems in E&O Litigation | Marshall Dennehey
By David W. Henry, Esq.marshalldennehey.com
Isn't most coverage on a claims filed basis?Wouldn't your coverage at the time of the "error or omission" be relevant? Otherwise, you might take out a new, cheaper policy after retirement which would be on the hook for some past id? offense.