VU Resources

Almost a year ago, we ran an article called “13 Caveats in Using E&S Markets.” While there are issues that agents should be aware of when using E&S markets, in…

New and renewal policies should be reviewed thoroughly for completeness and accuracy before delivery to the insured. However, at certain times of the year when there is a heavy backlog,…

An insured makes a payment by personal check on a policy that is scheduled to cancel for nonpayment. The check is received before the cancellation date and the company issues…

We’ve recently received several questions about trust accounts. How does an agency with an internal premium finance program know if it is in or out of trust? Can a trust…

One of your insurers has initiated a surcharge program for renewals of insureds who have had even a single claim in the past three years. Is this legal? Is it…

An insured’s account renewed in May, but the policies were not delivered until June. The agent believed that late delivery made these policies June items, payable to the insurer by…

An agency would like to provide additional services to valued clients. One of the suggestions was to provide a drop box for customer payments for both agency and direct bill…

Do you have a good handle on your accounts receivable for agency-billed business? How do you measure up to industry standards or best practices ranges?

The time that your staff spends on collection is much more expensive than the returns. If you establish a procedure that suggests that payment will be made by the agency…

It is almost embarrassing to say, but most insurance agents reckon their success by the balance in their checkbook. They don’t pay attention to those superb Operating Statements (Profit &…