E&O Claims

Swiss Re Claims Reporting

The Swiss Re insurance agents E&O policy requires that insureds report “claims” and/or “potential claims” “as soon as practicable”. The earlier a claim is reported and Swiss Re is involved, the more likely it will be resolved quickly. In fact, since the Swiss Re policy is a claims made policy, it is to the insured’s benefit to report any and all claims/potential claims to insure that they are timely reported within the policy period. To report a claim over the phone, please call  1-800-241-3470. 

What To Do When It Happens To You

  • Do not admit liability—to the insured or the insured’s insurance company
  • Be empathetic, BUT choose your words very carefully
  • Do not discuss or provide copies of your E&O policy to anyone
  • Do not offer to pay the claim yourself - even small amounts! (contact Swiss Re for assistance on paying claims yourself)
  • Do not agree to give a deposition or provide a statement, even to the customer’s insurance company.
  • Involve your E&O Improvement Specialist, or other appropriate agency personnel, and appoint a person who will be the agency’s sole point of contact for all matters related to the claim
  • Interview every person involved in the claim—and remember it’s not about the “who”, it’s about the what, when, where, and how
  • Have each person involved in the situation write a narrative describing the incident and check the customer’s file to determine the chronology of events
  • Forward all documentation to your E&O carrier
  • Cooperate fully with your E&O carrier

Frequently Asked Questions About Claim Reporting

Q. How is Reporting A Claim to Swiss Re Different?
A. A normal agency reaction is that the mere reporting of a claim or potential claim could result in an adverse underwriting action taken toward the agency. However, reporting a potential claim to the Swiss Re claims department does not automatically result in any underwriting action by the Swiss Re underwriters. Each claim/potential claim is reviewed on an individual basis by the underwriter to determine the facts and circumstances. In fact, since the Swiss Re policy is a claims made policy, it is to the insured’s benefit to report any and all claims/potential claims to insure that they are timely reported within the policy period.

Q. Will Reporting a Potential/Claim Forfeit Future Deductible Waiver Option Use?
A. No. The Deductible Waiver Feature is not related to the number of potential/claims reported.

Q. Will I Lose My Premium Credit if I Report A Potential Claim?
A.You will not lose these policy credits simply for filing a claim because of how a claim is defined for premium determination. For premium credit purposes, a claim is defined as an Error or Omissions incident or situation for which any expense payment, any loss payment, or any loss reserve is made or established by or on behalf of the insured in excess of certain values (plus any applicable deductible) that are based on agency total annual premiums written. Reporting of an Incident where no payment is made will not be considered as a claim. In addition, any time or expenses for the Swiss Re staff does not constitute a payment for loss or expense.

Q. What does a CLAIM mean?
A. A CLAIM means one of three things: 

  1. That an INSURED has received a summons, a subpoena, or any other notice of legal process;
  2. That an INSURED has received notice of any SUIT; or
  3. That an INSURED has received notice of a written demand, or a written demand for money or services.

 

Q. What does a POTENTIAL CLAIM mean?
A. A POTENTIAL CLAIM means that an INSURED has become aware of a proceeding, event, or development, which could in the future result in the institution of a CLAIM against an INSURED.

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