Bankruptcy and Insurance
You have an insured who has declared bankruptcy. How does this affect any premiums the insured owes? How does it affect any return premiums due the insured? How does bankruptcy…
VU Resources
Brokering Business Through Other Agencies…How Much is it Worth?
You’re a small agency with a lot of big business connections, but you don’t have the markets or the staff to sell and service these types of major commercial accounts.…
The Importance of E&S Markets
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…
Lost Policies…No Coverage?
The insured is sued for damages arising out of an occurrence that took place many years ago. The insured is unable to find the policy in force at that time,…
Does an NSF Check Constitute Nonpayment?
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…
Trust Account 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…
Renewal Surcharges for Loss Experience
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…
Company Payment Obligations
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…
Agency Customer Drop Box for Premium Payments
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…
Accounts Receivable Statistics
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?
