The Big “I” Virtual University (VU) rates as one of the association’s top member benefits. With the vast amount of insurance knowledge in its research library, featured resources and technical webinars, the VU is your go-to resource for expert knowledge.
But in addition to educating members, the VU takes a critical step further by advocating for issues critical to agents, such as backing up appeals to ISO and claims and coverage changes to carriers.
One recent example proves it. For years, agents and insureds have found themselves unpleasantly surprised during homeowners claims when many carriers cited the “Where You Reside” policy provision when denying what were otherwise assumed to be perfectly valid claims. Often, court decisions upheld these carrier interpretations.
In response, individual agents, associations and technical affairs committees have called upon carriers and the ISO to either agree that these interpretations of existing policy wording were not the form’s intention, or to revise the policy language to make the provision clear and unambiguous with regard to when and where it provides coverage.
But ISO is naturally reluctant to revise language indiscriminately. Court precedents and agreed-upon form language provide insureds and carriers consistent, enforceable and defendable-in-court coverage determinations. So even when an issue appears worthy of merit, industry practice dictates solid evidence of problems and negative impact.
Enter the VU and the Technical Affairs Committee. Thanks to an impressive compilation of “Ask An Expert” queries, claims disputes and documented contradictory court decisions proving the reality and extensive impact of the issue, ISO recently agreed to address the issue in what VU director Bill Wilson has termed “one of the most important homeowners form changes in 40 years.”
For more information about the reality and extensive impact of the “Where You Reside” issue, consult VU resources including abstracts, negotiations and filing details and take advantage of a free nationwide webinar on Wednesday, July 8 at 3-4 p.m. ET.
Visit the VU online or email VU staff with questions.