A real estate management and investment company is experiencing significant growth. The real estate company hurriedly contracted with a temporary staffing firm to provide a temporary bookkeeper to help their accounting department manage the growth and to fill the void left by an unexpected key employee's resignation. The engagement for the temporary bookkeeper was scheduled to last six months and at the end of the contract a new permanent hire in the accounting department discovered several discrepancies in the books. The bookkeeper failed to pay the mortgages on several of the company's properties, as well as the property taxes, resulting in a significant financial loss to resolve the back payments and penalties.

The real estate business sued the staffing firm for the amount of the loss, alleging negligence in providing a qualified and screened temporary bookkeeper. During the lawsuit and the subsequent investigation it was discovered that the temporary bookkeeper had a documented history of poor performance during previous jobs as a bookkeeper and because of the rush to fill the position for their demanding client the staffing firm did not fully document the temporary bookkeeper's job history. The real estate company succeeded in showing that had the temporary staffing firm followed their standard procedures conducted thorough background checks on this temporary employee, it would have discovered the poor work histories.

Can you afford to not secure professional liability for professional errors and omissions?

• Staffing and Recruiting Firms
• Management Consultant
• Technology Consultants
• Marketing/Advertising Consultant
• Trustee
• Interior Designer
• Notary Public

You can serve all these professionals and a lot more by accessing Philadelphia Insurance's Miscellaneous Professional Liability policy through Big "I" Markets. "Cover-Pro" provides errors and omissions coverage to a great variety of professionals, via endorsement to a basic claims-made, pay-on-behalf policy. The underwriting staff tailors each policy to address the exposures unique to each class of business.

COVERAGE HIGHLIGHTS & AVAILABILITY

Universal Coverage Features/Benefits:

• Defense afforded for groundless, false or fraudulent allegation
• Pay-on-behalf insuring agreement
• Reasonably priced, extended reporting period
• Policy allows for insured consent to settlement
• Definition of claim includes arbitration proceedings
• Predecessor firm coverage provided
• Coverage extends to independent contractors
• Wrongful acts not imputed to innocent partners
• Free 60-day discovery clause
• Prior acts coverage is available for qualified applicants

Limits Available

• The liability limits available range from $100,000 limit up to $15,000,000.
• No Filed Minimum Premiums

Learn more about the Miscellaneous Professional Liability at www.bigimarkets.com.  
September 16, 2015
1:00 to 4:00 p.m. Eastern Time
$79 - Click here to register

Some agents have placed information or specifically requested wording on certificates of insurance, compliance checklists, or agent affidavits that include knowingly incorrect information. Sometimes it is well meaning and trying to save a customer from losing a job or a paycheck for completed work. Sadly, in some cases there are likely agents who do it when more law-abiding and ethical agents won't so that they can keep or get the business. This Big "I" Virtual University webinar continues the Certificate of Insurance conversation and covers where the problems most often begin; additional insureds; contractual insurance requirements…what can or can't you do; other issues and more with q&a time.

Also planned is the October webinar on CGL Contractual Liability Issues in the Construction Industry. VU webinar questions can be sent to bestpractices@iiaba.net.  

 

Be one of the first five with the correct answers and win an envy-inspiring TFT Trivia T-shirt. Don't forget to answer the Tie Breaker!

1. Why are almost all school buses painted "National School Bus Glossy Yellow"?

2. Cats are far-sighted. What part of their body enables them to "see" objects extremely close up and even allows blind cats to navigate?

3. Tropical storm names are maintained and updated through a strict procedure governed by which organization?

 

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