Stay in Your Lane
An insurance agent accepts an attractive account despite lacking experience with that type of operation, only to face a costly dispute after a major loss reveals overlooked exposures that resulted…
Agency Operations
Big “I” Virtual University and Professional Liability Offer a New Tool to Avoid E&O Claims When Rolling Books of Business
Managing and protecting your book of business is a critical goal for independent insurance agents. Your book of business includes the policies under your management across a variety of carriers.
Change in Policy Terms – Agency Responsibility
What is the agency’s responsibility if the insurance carrier alters coverage at renewal? Most state statutes require the insurance carrier to notify the insured – not the agent. But should…
CLUE Property Report Facts for Agents
CLUE Reports are a common underwriting tool. According to research, more than 80 percent of consumers are unaware these even exist. Further, those who do know they exist likely don’t…
Understanding the Statutory Requirements of Conditional Renewals
When there are changes in policy conditions related to coverage, price or other terms and conditions, most states require the insurance carrier to notify the insured a specified amount of…
Why Great Loss Ratios are not the Goal of All Insurance Companies
Many agency owners take great pride in generating low loss ratios year after year. These agencies are often small but very, very profitable. These agency owners are not happy with…
The Danger of Not Reporting Claims
When automobile claims come in we always talk to the insured about the benefits of self-insuring the loss if they can, but more and more we are seeing lawsuits being…
Beware of What You Say in Email!
Email evidence was a highly publicized part of the Microsoft antitrust case, with both sides resurrecting chatty notes that are several years old. The case has shed light on some…
Retroactive Cancellations
An insured requested that a second location be removed from his policy. He made the request on 09/29/06. The second location was sold 06/24/04 and he requested that it be…
Issuing Binders Without Closing Dates
An agency has had several requests from mortgage brokers and lawyers asking for binders showing the new mortgagee without having set closing dates on new loans. They insist that the…
