Hurricane warning 2006.As insurers get ready for the new hurricane season Hurricane season refers to a period in a year when hurricanes usually form. For more information see: Tropical cyclone#Times of formation. For a lists of past seasons, see:
n. Maine Sustained noise, as from hammering: "Hark that reeling, now, you'll wake the baby!" Anonymous. from the aftermath of 2005's record-setting storms. Our Big Picture package this month looks at three different aspects of those repercussions repercussions npl → répercussions fpl repercussions npl → Auswirkungen pl and what they will mean for insurers this year. Our cover story, "Katrina's Next Wave," on page 22 explores the growing threat of errors and omissions errors and omissions n. short-hand for malpractice insurance which gives physicians, attorneys, architects, accountants and other professionals coverage for claims by patients and clients for alleged professional errors and omissions which amount to negligence. lawsuits against insurance agents and brokers as a result of Hurricane Katrina  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. coverage
disputes. Once policyholders begin questioning the coverages their
agents recommended, the door is open to blame the agent in any dispute.
"Not Business as Usual" on page 27 looks at how carriers have
handled the record number of claims they received this yeah particularly
from New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded and surrounding Louisiana communities. With adjusters
working under extremely difficult conditions, insurers have settled most
personal lines claims, but are looking at a long road for some
commercial claims, especially business interruption. The final piece of
the package, "Katrina:Why Risk Management Failed," on page 34
lays out a plan to strengthen insurers' risk management processes
so they never again experience losses that are as high in comparison
with direct premium written as they were with Katrina.
The threat of more E&O lawsuits against agents and brokers is real. Jim Masiello, chairman of the Strategic Independent Agents Alliance, said, "Any time an occurrence takes place when insureds don't receive what they think they deserve, they will go after the company and the agent." But if agents are smart, they will help protect themselves by keeping their insureds well informed of any changes that are going on with companies and coverages, Masiello said. "Agents along the coast particularly need to communicate with their insureds," he said. "Coverage in these areas is drying up rapidly. Companies are pulling out or capping amounts. It puts the agent at great exposure." "Friends of mine and partner agencies in Florida are running for cover," he said. Sally Whitney is editor. You may reach her at (908) 439-2200, Ext. 5340, by writing to A.M. Best Co., Ambest Road, Oldwick, NJ 08858, or by e-mail at sally.whitney@ambest.com. The e-mail address See Internet address. e-mail address - electronic mail address for Best's Review is bestreview@ambest.com. |
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