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Are Brokers in for a Tsunami of Pandemic- Related E&O Claims in 2021? By Worldwide Facilities, an Amwins Company | April 27, 2021
In November 2020, attendees of the Professional Liability Underwriting Society’s first-ever virtual conference warned insurance brokers they should expect agency errors and omissions (E&O) claims to substantially increase in size and frequency in 2021. In this special market report, we’ll look at how COVID-19 has been the catalyst for propelling the uptick in E&O claims activity and severity, what it means in an already hard insurance market, the impact on brokers, and what they can expect over the next few months.
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PLUS Offers Cyber Liability Insurance Designation March 2, 2021
The Professional Liability Underwriting Society (PLUS) has launched a designation program for cyber liability professionals.
The Cyber Professional Liability Practitioner (CPLP) designation builds on the organization’s Registered Professional Liability Underwriter (RPLU) designation that has been earned by more than 3,000 industry professionals.
The CPLP designation requires professionals to have experience in the cyber liability insurance industry. Candidates earn this designation by completing five PLUS curriculum modules; attending a virtual Cyber University; and completing the new PLUS breach scenario eLearning course, Held for Ransom. Designees are required to compete at least 12 continuing education credits related to the cyber insurance industry every two years.
2020 Could Make 2021 the Year of Insurance Agency E&O Lawsuits
Insurance agents and brokers should prepare for a big agency errors and omissions (E&O) litigation wave to crash their shores in 2021.
Agency E&O claims are a lagging indicator, meaning plaintiffs typically only go after agents and brokers after they exhaust other legal avenues most often suing insurers and come up short, according to experts at the 2020 virtual Professional Liability Underwriting Society (PLUS) conference.
While E&O claims from the pandemic of 2020 have not happened yet in noticeable numbers, they will, just as they happen following major storms or other disasters, the experts warned.