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...ity of their lives-health care, automobiles, homes, and their ability to cope ...

...f homes, personal property, and automobiles to trusts. Many older people cede ...

... insurance contracts and transactions are so technical, court decisions about what a professional standard of care is often go against the insurance professional. This means that, as they write new and renewal policies, process changes, and interact with clients, insurance professionals must be aware of problems that can arise. OWNERSHIP TRANSFER For example, let's take a look at transferring ownership of homes, personal property, and automobiles to trusts. Many older people cede ownership of such property to adult children to reduce estate taxes or qualify for Medicaid. However, Personal Lines contracts don't include trusts in their definition of "insured," and they don't recognize legal entities. They're written to recognize individuals named as insureds who are owner-occupants. If insurance policies aren't amended so both the trust and the individual(s ) who ... during fact-finding and before renewals. People working out of their homes have General Liability, Professional Liability, and Property exposures that the typical Homeowners policy doesn't cover. Exercising due diligence here means asking the questions and getting a handle on the types of exposures. Conflict between Personal and Business exposures might be resolved by writing the client's Homeowners and Home Business policies with the same insurer. DIRECTORS & OFFICERS LIABILITY Nonprofit and for-profit corporations both have an obvious D&O exposure that the insurance professional should deal with in fact-finding and at renewal. What about the exposure of an individual who's a director for either type of corporation? The Personal Lines agent needs to be aware of the corporation's coverage to pick up the exposure for this person. State laws vary, but often non-profit directors have less individual exposure than ...