https://completemarkets.com/Article/article-post/1098/HARD-MARKET-SHENANIGANS/
...ets hold of it. By undervaluing dwellings, these agents are commiting deliber...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/1098/HARD-MARKET-SHENANIGANS/
... $150,000 home for $125,000 and, in the event of a total loss, the insured will (allegedly) collect up to the $150,000 limit. These agents don't mention that the Personal Property coverage has been reduced by about $20,000 if the home is gutted, but not destroyed. Agents are using the cap on the RC like a peak season endorsement on a Business policy. Ironically, premiums are increasing because agents don't insure the homes to full RC to begin with. This is an injustice to the insureds and, in the event of a catastrophic loss, it'll give the industry and agents a black eye. This is unethical at best and not serving the public's best interests. I have an insured for Auto only. I tried ... examples from high-profile situations. This is indeed a disturbing situation, and not an isolated example. Unfortunately, the hard market (combined with insurer concerns over mold and other issues) has a tendency to bring out the dark side' in some agents. FACULTY RESPONSE The Oakland-Berkeley Hills, CA firestorm of 1991 resulted in 3,236 total and 2,892 partial Homeowner, Renter, Condominium, Dwelling and Apartment unit losses. Several agents were undervaluing building replacement cost estimates and relying on the guaranteed replacement cost provisions to cover the difference. The practice became evident quickly as the losses were being adjusted. The increased cost to 34 insurance companies who upgraded and reformed policies following the loss was $274,017,306. This was the sum paid in addition to benefits within their previous policy ...
https://completemarkets.com/Article/article-post/1665/IDEA-CENTER-MODULE-VI/
... Ebaugh John Heagney Jack Kidd Kay Long Tom Sheridan CC: Don Reinhart Dennis Doyle Tammy Palm Kathy Pezzella FROM:Hamilton Schmidt RE: CONTEST! CONTEST! CONTEST! DATE: April 8, 1997 Many of you have mentioned it; a few of you have demanded it! So here it is!!!! I. Dinner for two at the world famous Georgetown gourmet restaurant, The Four Seasons Hotel (Aux Beaux Champs) II. Your own limo from 7:00 p.m. to 2:00 a.m. to get you there and back. BON APPETIT New Financial Services: 10 points for every policy written 1 point/$100 of annualized premium 1 point/$1 ,000 of annualized premium for annuities and single premium whole life (Max per policy of 100 pts ... property replacement. It's a good idea to reassess your homes replacement cost on a regular basis. We will be glad to assist you with this process. Most policies have limits on the amount of coverage provided for jewelry, furs, money, fine arts, watercraft, and silverware. Premiums are determined by the policy's provisions, home location in relation to fire protection, and the construction of the dwelling. Many companies provide discounts for newer homes; protective devices. Find an agent who has a thorough knowledge of the business and area. O'BRIEN INSURANCE fits the bill perfectly! Bulletins Provide Soft-Sell Message for Life/Financial Services The Cochrane & Porter Agency in Wellesley, Massachusetts takes a soft-sell approach with its direct-mail program centered on financial services. Clients receive the Financial Services Bulletins' pictured here and ...