Errors and Omissions Expert

Print Friendly, PDF & Email

Errors and Omissions Insurance Defined. Errors and Omissions insurance (E&O) is the insurance that covers the insured’s business entity or the insured individually, in the event that a third party (typically a client or customer) alleges that the insured is responsible for a service the insured has provided, or failed to provide, that did not have the expected or promised results and caused damages.

For doctors, dentists and chiropractors, this coverage is often called malpractice insurance. For lawyers, accountants, architects or engineers, it is often called professional liability insurance. Whatever it is called, it covers the insured for errors (or omissions) that the insured has made.

Most E&O policies cover judgments, settlements and defense costs. Even if the allegations are found to be without merit, significant dollars will be required to defend the related lawsuit. This can bankrupt a smaller company or individual and have a lasting effect on the bottom line of larger companies.

In short, E&O coverage provides protection for the insured in the event that an error or omission on the part of the insured has caused damages to a third party, typically a client or customer of the insured.

My Expertise. I have Errors & Omissions expertise in the following areas, among others: (i) errors and omission coverages overall, (ii) the regulation of E&O policies including their terms, conditions, exclusions and coverages, (iii) the marketplace as to E&O policies (iv) insurer claim settlement obligations as to E&O claims, (v) responsibilities of insurance agents as to E&O policies and their duties and obligations in particular as to making their services available to insureds as to E&O coverages, and (vi) the duties and obligations of insureds as to such matters.

Watch insurance expert Bill Hager discuss Errors & Omissions (E&O) insurance issues.

Set out below is specific expertise as to E&O matters.

Applicable E&O Expertise: Regulatory. My expertise as to these matters can be found as follows: I am a former:

  • Commissioner of Insurance (Iowa);
  • First Deputy Commissioner of Insurance; and
  • Assistant Attorney General assigned on a full time basis to the Department of Insurance (Iowa), functioning as the Department’s general counsel.
  • Administrative Law Judge, f/k/a Hearing Officer;
  • Member of the National Association of Insurance Commissioners (NAIC) and Member of its Executive Committee;

In those capacities, on a daily basis, I had full regulatory oversight and responsibility for and the application of (i) errors and omission coverages overall, (ii) the regulation of E&O policies including their terms, conditions, exclusions and coverages, (iii) the marketplace as to E&O policies (iv) insurer claim settlement obligations as to E&O claims, (v) responsibilities of insurance agents as to E&O policies and their duties and obligations in particular as to making their services available to insureds as to E&O coverages, and (vi) the duties and obligations of insureds as to such matters.

Because the E&O insurance business is conducted across state lines and more specifically, nationally, the rules and regulations (by whatever name) are substantially similar state over state. My point is that my experience is substantially similar to parallel experience and positions in the balance of the states for that matter. This experience is bolstered by my 40 years of direct insurance experience, including that of being a CEO of a major property casualty entity doing business throughout the U.S. and my six years of experience as an elected Member of the Florida House of Representatives where I currently serve as Vice Chairman of the Insurance Committee, with statutory and legislative oversight over the E&O insurance business, which, as stated, is regulated in Florida much as it is throughout the U.S.

Applicable E&O Expertise: Legislative. In addition to my regulatory background, I have served or am serving in the following capacities, each of which included daily knowledge of and interaction with E&O insurance as it related to (i) errors and omission coverages overall, (ii) the regulation of E&O policies including their terms, conditions, exclusions and coverages, (iii) the marketplace as to E&O policies (iv) insurer claim settlement obligations as to E&O claims, (v) responsibilities of insurance agents as to E&O policies and their duties and obligations in particular as to making their services available to insureds as to E&O coverages, and (vi) the duties and obligations of insureds as to such matters.

  • Legal Counsel to the Iowa House of Representatives;
  • Chief of Staff at the U.S. House of Representatives,
  • Elected Member of the Florida House of Representatives (as of 2015, I am currently serving my 6th year in the Florida House of Representatives), where I serve as a Member and Vice Chairman of the Insurance Committee (among other committees), which has legislative oversight over all insurance operations in the state (as administered by the Florida Office of Insurance Regulation) including those relating to E&O insurance;
  • In addition, I have sat on and served as Vice Chairman of the Civil Justice Subcommittee of the Florida House, which has responsibilities as to Florida laws that establish (among other things) liability, which of course, along with common law, set out the bases of liability that comes to bear in and E&O situation;
  • Elected Member of the Boca Raton City Council; Deputy Mayor of the City of Boca Raton, where I served as the Council’s lead on insurance issues;

Applicable E&O Expertise: Industry. In addition to my regulatory background and legislative background as to E&O, I have served or am serving in the following capacities, each of which included daily knowledge of and interaction with E&O insurance in the following ways: (i) errors and omission coverages overall, (ii) the regulation of E&O policies including their terms, conditions, exclusions and coverages, (iii) the marketplace as to E&O policies (iv) insurer claim settlement obligations as to E&O claims, (v) responsibilities of insurance agents as to E&O policies and their duties and obligations in particular as to making their services available to insureds as to E&O coverages, and (vi) the duties and obligations of insureds as to such matters.

  • American Academy of Actuaries, Washington, D.C., (whose members are often intimately involved in E&O insurance) where I served as General Counsel and Chief Lobbyist;
  • President and Chief Executive Officer of the National Council on Compensation Insurance (NCCI), a major U.S. property casualty insurance company doing business throughout the United States, including West Virginia, which employs about 1,000 personnel. While CEO, this position entailed responsibility for pricing some $100 billion of property casualty insurance premium;
  • Attorney practicing primarily in the area of insurance and reinsurance and admitted to practice in Florida, Illinois and Iowa (all upon examination) with an insurance practice. (The Illinois license is in inactive status, placed there by me at my volition and eligible for reactivation at any point in time upon my request.)

Applicable E&O Expertise: Industry: Reinsurance Arbitrator. In addition to my regulatory background and legislative background as to E&O, I have served or am serving in the following capacity, which included daily knowledge of and interaction with E&O insurance in the following ways: (i) errors and omission coverages overall, (ii) the regulation of E&O policies including their terms, conditions, exclusions and coverages, (iii) the marketplace as to E&O policies (iv) insurer claim settlement obligations as to E&O claims, (v) responsibilities of insurance agents as to E&O policies and their duties and obligations in particular as to making their services available to insureds as to E&O coverages, and (vi) the duties and obligations of insureds as to such matters.

  • Nationally certified Reinsurance Arbitrator (ARIAS-US), where I sit as an arbitrator on disputes between (among others) insurers and their reinsurers and enters decisions as to E&O insurance,

Applicable E&O Expertise: Legal. In addition to my regulatory, industry, legislative and reinsurance arbitration background, I serve or am serving in the following legal capacities, each of which included daily knowledge of E&O insurance in the following ways: (i) errors and omission coverages overall, (ii) the regulation of E&O policies including their terms, conditions, exclusions and coverages, (iii) the marketplace as to E&O policies (iv) insurer claim settlement obligations as to E&O claims, (v) responsibilities of insurance agents as to E&O policies and their duties and obligations in particular as to making their services available to insureds as to E&O coverages, and (vi) the duties and obligations of insureds as to such matters.

  • As stated above, I am an attorney admitted to practice in Florida, Illinois and Iowa (all upon examination) with an insurance practice;
  • Legal Counsel to the Iowa House of Representatives;
  • Practicing attorney at Hager & Schachterle;
  • Iowa Counsel to the Property Casualty Insurance Association of America (PCI).
  • Legal Counsel to the Professional Insurance Agents of Iowa (E&O/property casualty agents, who sell among other products, E&O insurance);
  • Legal Counsel to the Iowa Association of Life Underwriters (life, health and annuity insurance agents).
  • Practicing attorney (currently) in Florida at the Hager Law Firm;
  • General Counsel and Chief Lobbyist to the American Academy of Actuaries, whose members are often involved in E&O insurance matters, particularly from a pricing and policy language standpoint;

Applicable E&O Expertise: Formal Education as a Bases for E&O Expertise.   In addition to my regulatory, legislative, industry and legal background, my educational background has also well-equipped me to provide E&O expertise as follows:

  • Bachelors degree: Mathematics (specifically a B.A. in secondary mathematics education), University of Northern Iowa;
  • Masters degree: Educational Psychology, University of Hawaii; and
  • Juris Doctorate degree (law degree) from the University of Illinois;
  • Bar Admission: U.S. Supreme Court;
  • Bar Admissions, the states of Iowa, Illinois and Florida, all by examination;
  • Certified U.S. Reinsurance and Insurance Arbitrator;

In the aggregate, these experiences have given me a significant grounding to provide expert errors and omissions (E&O) insurance testimony.

William D. Hager - Insurance and Reinsurance Expert and Arbitrator

William D. Hager

Insurance and Reinsurance
Expert and Arbitrator

561-306-5072


View Resume
Send an Email