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... . The underlying case was worth $5 million to $10 million. The client, a new customer, had provided a copy of his previous policy to the agent and asked for coverage. The agent stated that he saw the previous policy had $1 million primary and $4 million umbrella. According to the agent, he told the client he was only going to obtain a primary policy for $1 million and that the client was going to think about whether he wanted the umbrella coverage. Again, according to the ... sign off" on those limits you offered that they did not select. You might want to ask your carriers if they have had any large claims you can include in your proposal. See if the coverage "follows forms." Are there any exclusions in the excess policy that aren't in the primary? Both you and your client need to know. If any of the underlying policies are written on a claims-made basis, see how well the umbrella addresses this exposure (underlying policies written on both a claims-made and occurrence basis) ... one of the coverages is on a claims-made basis, is full prior-acts being afforded or is there a retro date? This is a critical distinction that you, as the agent, need to bring to the client's attention. Remember that not all umbrella forms are the same. If you're getting proposals from multiple carriers, review the forms to identify any distinctions. This can be a daunting task but it's essential. If the client states "let me think about it," document back to the client that you have not placed ...

...es? For example, do they list the primary and all excess policies? I could not...ollution), should the agent list the excess policy? If the certificate request...

...l company’s Liability coverage is primary but with only standard limits, and most Personal Auto policies are excess over those limits. What about an auto...ory definition wouldn’t pick up even excess coverage in some countries. One so...

...y. Your clients view you as their primary information source and expect you to...al Liability policy with an Umbrella/Excess Liability policy. You need to be a...

...riers know that the agent has the primary responsibility to provide the best c...

... allowing active participation in primary casualty risk management, combined w...ratings, additional insured wording, primary/non-contributory endorsements, an...

... pay the higher price since he was in the business of servicing Mercedes, Rolls Royce, Jags, BMWs, and other expensive toys. Vandalism occurred over the weekend, and the insured was forced to spend thousand of dollars repairing 11 vehicles left in his care. Primary garage keepers was not in place to respond, but you can guess what was: the agency E&O policy. Failure to obtain any coverage represents 20% of the claims logged by E&O carriers. The cases just cited demonstrate the need for ... exist in an insurance agency-but there's more. Because insurance agents are practitioners of a very important service (the protection of client assets), they are charged with a high degree of responsibility in ensuring that client needs are met. The duty to perform is far in excess of the average retail business, but has a kinship with the potentially volatile nature of a CPA firm. Let's continue with our prototype. An Agency Management System' is touted by every hardware/software vendor that services the industry, but automated or not it ... manager can thus learn the strengths and weaknesses of the personnel they're supervising and find training opportunities. The audit format should reflect agency policy concerning how each of the nine functional components is supposed to work. For example, if it is the agency's policy to offer Commercial Umbrellas to each account, then the audit documentation should reflect that this has been accomplished. The audit checklist should mirror the task list of each system component. One consultant client has found two approaches to the design and implementation of his audit system. The audit format ...

...ing 11 vehicles left in his care. Primary garage keepers was not in place to r...agency's policy to offer Commercial Umbrellas to each account, then the audit ...