Insurance Training Course Catalog
Regular Price: $129.00
Special Price: $99.00
P&C insurance agents & brokers are mandated by state laws to receive transacted premiums in a fiduciary capacity, that is, not as owners but "trustees" or "custodians" of premium funds. Fiduciary relationship of independent agents and brokers with the owners of premium funds defines the essence of insurance fiduciary duty. Premiums and return premiums must be maintained in a "trust" bank account, separate from the agency business operating funds, and be disbursed only to their legal owners.
Many clients do not demand Fiduciary Liability coverage, but it is imperative that the insurance producer understands the exposures that most businesses face today that could be transferred to a properly written Fiduciary Liability policy.
With the launch of ISO's first significant revision to the CGL program in six years,provisions affecting Additional Insureds in both the standard CGL and AI endorsements may be the most crucial for agents and insureds to understand.