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May 2017 Prepared by: Paul Topp E&O Program Manager PROGRAMMED INSURANCE BROKERS INC.

Managing Your E&O Insurance. May 2017 Prepared by: Paul Topp E&O Program Manager PROGRAMMED INSURANCE BROKERS INC. 49 Industrial Drive, Elmira, ON N3B 3B1 Tel (519) 669-1631 or 1-800-265-6197 paul.topp@pib.com www.pib.com. A look ahead for E&O. Regulation Limits Managing claims

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May 2017 Prepared by: Paul Topp E&O Program Manager PROGRAMMED INSURANCE BROKERS INC.

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  1. Managing Your E&O Insurance May 2017 Prepared by: Paul Topp E&O Program Manager PROGRAMMED INSURANCE BROKERS INC. 49 Industrial Drive, Elmira, ON N3B 3B1 Tel (519) 669-1631 or 1-800-265-6197 paul.topp@pib.com www.pib.com

  2. A look ahead for E&O • Regulation • Limits • Managing claims • Managing coverage

  3. Regulation • Regulators are doing their due diligence to understand E&O insurance and are addressing shortfalls • Claims made forms. • Aggregate limits/inadequate limits • Multiple jurisdictions

  4. Regulators catching up. • Insurance regulators set the bar for coverage and limits a long time ago. • The landscape has changed but regulation hasn’t. It will soon. • General side has had a $1M limit with a $2M aggregate since 1981. For 36 years RIBO has required this minimum limit. It is expected they will adjust this to $3M

  5. Claims made form • What does it mean? • Why is that important? • Does E&O coverage have to be Claims made? • How does a claims made form affect compliance with limits? • Saskatchewan Regulator? BC regulator? Who is next?

  6. What are appropriate limits? • Regulator minimums are inadequate • Should have high enough limits to cover you biggest exposure. • Changes in litigation landscape. Claims are on the rise. • Lawyers advertising, taking contingency cases, judges approving class actions without multiple plaintiffs. Amounts go up. • The political non answer, answer. As much as you can afford.

  7. Managing Claims • What is a claim? Demand. • What is a circumstance? Report. • The application, the wording, the contract. • The signed application is your word given freely with utmost good faith. • The application forms part of the contract. Your policy covers you for the professional activities you declare…nothing more. • Report as soon as you become aware.

  8. Avoiding Claims- Communicate & Document • Communicate with your client. • Mergers-acquisitions get to know your new clients. • Document your conversations completely. • Make sure EVERYONE in your office does this, every time.

  9. Managing Coverage • Communicate with your broker. “Are we covered for….” “What are we not covered for”? • What is an ERP and why do I need it? Who is protecting you when you retire. Claims Made!

  10. QUESTIONS

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