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Old 09-13-2017, 04:51 PM   #1
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ALS1964 on E&O Coverage Questions
 
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Has anyone heard that E&O Carriers are going to or already exclude coverage for text messages communications? Has this now become a risk to agency communications that will not be covered?
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Old 09-13-2017, 04:58 PM   #2
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BADTROUT on E&O Coverage Questions
 
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Have not heard that one but it would not surprise me one bit! Probably greater liability than an email, which is greater liability than a conversation IMO.
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Old 09-14-2017, 09:17 AM   #3
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Never heard of it not being covered. But you do need to document them. EZLynx has the ability to text from their system and thus record all incoming and outgoing texts. I'm sure others have the ability or soon will.

Back when I was a registered rep some years ago, texting was not allowed as they had no way to capture and review them for compliance.

I have heard of agents taking screen shots of their phone to capture the texts and uploading it to their AMS to document the conversations. Personally I do not want to use my cell phone for texting clients nor would I want an employee doing it either.

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Old 09-14-2017, 11:01 AM   #4
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Originally Posted by VolAgent View Post
Personally I do not want to use my cell phone for texting clients nor would I want an employee doing it either.
You are wise. Documentation is the cornerstone of an E&O defense. Without it, the agent loses over 90% of the time and it rarely goes to court. Convenience has its price.
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Old 09-14-2017, 11:06 AM   #5
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VolAgent on E&O Coverage Questions
 
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Originally Posted by InsCommentary View Post
You are wise. Documentation is the cornerstone of an E&O defense. Without it, the agent loses over 90% of the time and it rarely goes to court. Convenience has its price.
Credit goes to the E&O carrier. As part of it, I was required to complete their online training. Also to EZLynx, as they mentioned having the texting and I decided it was worth adding. Both for contactability and for compliance and documentation.

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Old 09-14-2017, 11:42 AM   #6
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Justin Bilyj on E&O Coverage Questions
 
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Reading Glen's article on E&O, I found out some are offering digital communications and identity (hippa) theft to the base policy. Definitely something to ask your prospective E&O company...
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Old 09-14-2017, 11:59 AM   #7
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Originally Posted by ALS1964 View Post
Has anyone heard that E&O Carriers are going to or already exclude coverage for text messages communications? Has this now become a risk to agency communications that will not be covered?
I suggest you obtain a policy sample from your prospective E&O carrier and read it to see what's covered and what's not covered.
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Old 09-14-2017, 02:57 PM   #8
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Originally Posted by adjusterjack View Post
I suggest you obtain a policy sample from your prospective E&O carrier and read it to see what's covered and what's not covered.

Jack, you need to get one of these:

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