Got my first E&O claim notice yesterday from a client disputing our analysis of their AEP Texas Schedule POL account. They're claiming we missed $15K in billing errors over two years. Insurance company assigned an adjuster but I'm nervous about the whole process. Anyone been through this before? What should I expect?
E&O claim process - what to expect
Vivian, first thing is DON'T talk to the client or their attorney without your insurance company's approval. Let your carrier handle all communications. The adjuster will want copies of all your work papers, contracts, correspondence - basically everything related to that account. Be cooperative but don't admit fault.
Sarah's right about letting the insurance company take the lead. I went through this with a TXU Energy claim in 2011. The whole process took about eight months from initial notice to settlement. Most E&O policies include defense costs outside the policy limits, which is good because legal fees add up fast. Document everything and stay organized.