Getting ready to retire soon. I may work as a part time agent for awhile after retirement for some extra income. Just want to make sure I'm covering my bases so here is the question:
Let's say you work for a large P&C agency that maintains strong E&O insurance. You decide to retire or quit the agency in good standing and sometime down the road a former client decides to sue the agency claiming you as the former agent did (something) wrong. Can you as the former employee of that agency still be dragged into a lawsuit and be sued for monetary damages and loss of your license? Or does the burden of responsibility stay with the agency once you leave? Is there a statue of limitations on such lawsuits and if so how many years before you'd be immune? What do you think is the likelihood of that situation happening?
Second part of this question, which only pertains if the answer above was YES you can still be sued:
Lets say after you quit the agency you decide to leave the insurance business for a while but still want to maintain your P&C license. Should you, after you leave the agency, get private E&O insurance for a few years even if you're not going to practice insurance just to protect yourself from a potential E&O claim from your former employer? Is that even necessary? Would your current E&O insurance even protect you from prior claims?
Let's say you work for a large P&C agency that maintains strong E&O insurance. You decide to retire or quit the agency in good standing and sometime down the road a former client decides to sue the agency claiming you as the former agent did (something) wrong. Can you as the former employee of that agency still be dragged into a lawsuit and be sued for monetary damages and loss of your license? Or does the burden of responsibility stay with the agency once you leave? Is there a statue of limitations on such lawsuits and if so how many years before you'd be immune? What do you think is the likelihood of that situation happening?
Second part of this question, which only pertains if the answer above was YES you can still be sued:
Lets say after you quit the agency you decide to leave the insurance business for a while but still want to maintain your P&C license. Should you, after you leave the agency, get private E&O insurance for a few years even if you're not going to practice insurance just to protect yourself from a potential E&O claim from your former employer? Is that even necessary? Would your current E&O insurance even protect you from prior claims?
