E&O
- Thread starter Bird
- Start date
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- Tags
- e&o errors and omissions
- 5,285
If you aren't writing business any more, you should look into tail coverage.
Even though you aren't actively writing business, your could get pulled into a situation years from now, years after you stop "selling". Picture this. You wrote a term policy for someone. Now, 30 years later, after the person has a head injury, gets dementia, or plain old forgets what they bought from you, are now upset and thought they had a permanent policy, or thinks that's what you should have sold them. Or that's what their beneficiary thinks.
Or, 40 years from now, someone thinks they should have been listed as a beneficiary, and wasn't and wants to sue you.
You should educate yourself on tail coverage and how it works.
Even though you aren't actively writing business, your could get pulled into a situation years from now, years after you stop "selling". Picture this. You wrote a term policy for someone. Now, 30 years later, after the person has a head injury, gets dementia, or plain old forgets what they bought from you, are now upset and thought they had a permanent policy, or thinks that's what you should have sold them. Or that's what their beneficiary thinks.
Or, 40 years from now, someone thinks they should have been listed as a beneficiary, and wasn't and wants to sue you.
You should educate yourself on tail coverage and how it works.
- 2,192
Yep you will need E&O for some time.
Lloyds of Lubbock
Guru
- 714
Is your policy claims made or occurrence?
If it is claims made you will need tail coverage
If it is claims made you will need tail coverage
- Thread starter
- #5
