E&O’s report card
September 2022
September means back to school and with that come report cards. E&O’s report cards come from our insureds when we close a file. In addition, every three years, we use independent outside insurance experts to conduct a claims audit, to ensure that we’re managing claims in an effective manner consistent with our desire to provide best practices in claims handling.
This year E&O retained Cameron & Associates to conduct the audit. These auditors have extensive experience in property and casualty insurance claims management, including professional liability insurance. Scheduled to be done in 2021, the audit was delayed a year due to COVID.
The audit results were positive. The auditors concluded that the legal interests of real estate licensees in BC are being diligently protected in a cost-efficient manner. They noted that we “constantly monitor and improve the efficacy of defending our insureds,” and that “E&O is a well-run operation that delivers on its promises.”
In addition to the audit, E&O receives regular feedback from you, our insureds. Every time a claim is closed, we send a claim satisfaction survey to the managing broker and the individual licensees involved in the claim. If you’re involved in a claim, we’ll send you an email with a link to a survey form that you can complete and return online.
The approval rating for staff lawyers for claim files closed in the last four years is at 98.61%, with an overall satisfaction with the outcome at 97.72%. Having a claim advanced against you is a very stressful experience, as noted by one licensee who said, “This is a difficult thing to deal with when my intention was only to help a client achieve happiness.” Licensees consistently reported that the stress of dealing with a claim was eased by having a highly skilled defence lawyer in their corner. One licensee said:
“I felt like I wasn’t alone. I always had someone to call and ask questions and they got right back to me. Everyone was so on top of every detail. So impressed with the service. I have been in the business 28 years and never needed help from E&O and the fee I pay regarding my insurance is money well spent. Excellent support.”
We’re always looking for ways to improve, and we take feedback seriously. Any negative comments are carefully considered with a view to determine how we can do better. We encourage all licensees to complete and return your claim satisfaction surveys, so that we can continue to provide you with a high level of service.
