https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/2138/E-O-Insights-Let-Me-Think-About-It-%E2%80%A6/
... . 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 ...
https://completemarkets.com/Article/article-post/2138/E-O-Insights-Let-Me-Think-About-It-%E2%80%A6/
...he previous policy had $1 million primary and $4 million umbrella. According t...but by no means least, make sure the primary policies are at the required unde...
https://completemarkets.com/Article/article-post/2139/CERTIFICATES-OF-INSURANCE-BEST-PRACTICES/
...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...
https://completemarkets.com/Article/article-post/227/Emerging-E-O-Loss-Exposures/
...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...
https://completemarkets.com/Article/article-post/229/Agency-Risk-Management-Of-Soft-Market-Hard-Market-Exposures/
...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...
https://completemarkets.com/Article/article-post/793/Understanding-And-Using-The-Services-Of-Program-Administrators/
...As administer claims, since their primary purpose is to administer, underwrite...effort. And, unlike the wholesale or Excess & Surplus Lines facilities, PA...
https://completemarkets.com/Article/article-post/995/Personal-Lines-Profit-ThereS-More-Than-One-Way-To-Do-It/
...riers know that the agent has the primary responsibility to provide the best c...
https://completemarkets.com/Article/article-post/2800/Best-Insurance-Plans-That-Protect-Large-Scale-Contractor-Operations/
... allowing active participation in primary casualty risk management, combined w...ratings, additional insured wording, primary/non-contributory endorsements, an...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/227/Emerging-E-O-Loss-Exposures/
... month, two months? The fact is, the agency should then determine the time frame. Most insurers have no problem with two or three weeks, but it's important to ask the company where it stands on this. Generally, a rental 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 rented outside the United States? The territory definition wouldn't pick up even excess coverage in some countries. One solution is to write an Umbrella policy so ... be more diligent than ever in analyzing their Errors and Omissions risks and exposures. Some of the areas that open up agency E&O exposures are trusts, cyber risk, Non-Ownership Auto exposures (Personal and Business Auto), D&O Liability, Umbrella & Excess Liability, Employment Practices, home-based businesses, intellectual property exposures, and company solvency issues. Everyone at every agency should keep "due diligence" and "awareness" in mind while taking care of clients. Agents, like other professionals, must demonstrate their knowledge ... need to be more diligent than ever in analyzing their Errors and Omissions risks and exposures. Some of the areas that open up agency E&O exposures are trusts, cyber risk, Non-Ownership Auto exposures (Personal and Business Auto), D&O Liability, Umbrella & Excess Liability, Employment Practices, home-based businesses, intellectual property exposures, and company solvency issues. Everyone at every agency should keep "due diligence" and "awareness" in mind while taking care of clients. Agents, like other professionals, must demonstrate ...
https://completemarkets.com/Article/article-post/212/How-To-Deal-With-A-Wholesaler/
...y underwrite, quote, and bind the primary General Liability for a specific acc...