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 the agent undertake any action.
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 know much about them. This article provides basic information necessary to educate your clients.
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 time before renewal. These are known as conditional renewal guidelines. All but four states address this in statute.
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 many carriers who have de-emphasized loss ratios. They cannot fathom why any carrier would not LOVE their good loss ratios. They do not understand that…
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 filed for claims sometime down the line. If the insured reports the claim to us (the agency) and we note their account, but they decide…
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 sobering facts about email. Not only is it more than idle chatter, it’s also very hard to get rid of. In this article, Jack Fries…
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 removed effective 06/24/04, the date he sold the property, with a return of premium. He presented court house records showing that the property had been…
We all know that binders have historically been issued for 30-day terms. Why is that and can a binder be issued for longer terms, perhaps even as long as the 12-month policy period? In this article, our faculty will discuss the historical significance of this “rule” (as best as we know it), along with some…
Do your employees spend, what seems to you to be, an inordinate amount of time on the internet at work…whether during business hours or their personal time? Ever wonder what they’re doing? Ever wonder about the nature of the emails they send or receive? To control net use (and abuse), you need a formal policy.
Do you want to provide superior customer service to your clients? Do you want to improve productivity? These are proven results that you too can achieve by implementing the Real Time features available today. In this article, noted agency workflow expert Laura Nettles discusses the importance of rethinking agency workflows to incorporate Real Time. Laura…
