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... another state whose tow truck rear-ended a car, causing an occupant of the vehicle to become a wheelchair-bound paraplegic. 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 agent, the client never got back to him on the umbrella. The client testified that he told the agent to duplicate his prior policy, and assumed that ... options, with a comment that additional options are available. The customer should select the limit. It's also wise to have them "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) If one of the coverages is on a claims-made basis, is full prior-acts being afforded or is there a retro date? This is ...

...1 million primary and $4 million umbrella. According to the agent, he told the... reduce their expenses. Although an umbrella might be “optional” in your client’s mind, offer a variety of umbrella limits on all proposals — whether...

... to list all applicable policies? For example, do they list the primary and all excess policies? I could not locate any specific legal precedent while researching this issue. It makes sense to list only those &# 160coverages applicable to the request for the cert. For example, when sending a certificate to a general contractor, you would probably need to list only the Workers Compensation, Liability and Umbrella coverages, not property. I d also suggest that an agent include all applicable policies (primary and excess) unless the request for the cert asks only for limit/coverage verification up to a certain limit. When an agent issues a certificate but the excess policy excludes certain coverage (example: pollution), should the agent list the excess policy? If the certificate request is to show ... add this to the certificate. Don't type this year's certificate based on last year's information. Have a procedure to update the data — it might well have changed! Questions and Answers Several excellent questions at the conference warranted additional research: When an agent issues a certificate of insurance, is he or she legally obligated to list all applicable policies? For example, do they list the primary and all excess policies? I could not locate any specific legal precedent while researching this issue. It makes sense to list only those &# 160coverages applicable to the request for the cert. For example, when sending a certificate to a general contractor, you would probably need to list only the Workers Compensation, Liability and Umbrella coverages, not property. I d also suggest that an agent include all applicable ...

...reas, primarily in Liability and Umbrella/Excess Liability policies. You must ... a General Liability policy with an Umbrella/Excess Liability policy. You need to be a...

...siness Auto), D&O Liability, Umbrella & Excess Liability, Employment P...ntries. One solution is to write an Umbrella policy so the drop-down coverage ...

...kers Compensation, Liability and Umbrella coverages, not property. I d also su...ollution), should the agent list the excess policy? If the certificate request...

...nters ______________ Personal Umbrellas ______________ Farmowners _____...rectors & Officers ______________ Umbrella ______________ Flood ______...

..._____________   Personal Umbrellas ______________   Farmowners...& Officers ______________   Umbrella ______________   Flood __...

...mium finance company, E&O or Umbrella/Excess carrier refusals? Unknown. (Because t...ritten (NPW) to PHS significantly in excess of 2:1? No. Due to reinsurance ced...

... without a plan agency CSRs and producers react to unsolicited phone calls. Responding to these calls, rather than contacting your existing accounts to develop those accounts, is like fishing for minnows from the back of a whale. Review all accounts to determine the lines of business that you aren't writing. At renewal you should review with the client their exposures to loss and their need for such additional coverages as Umbrella or Excess Liability, Employment Practices Liability, Health insurance, Key Person Life, Long-Term Disability, Long-Term Care, etc. An important fact to remember is that the more policies you write for a client, the longer you will retain that account. Also, an agency's hit ratio is far higher when making proposals to an existing customer, rather than to an unknown prospect. Jack Fries can ... reached at Fries & Fries Consulting, P. O. Box 66, Alexandria, KY 41001, phone (859) 441-4528, fax (800) 887-5874, e-mail [email protected] ,Web site www.jackfries.com . Login or Register (for FREE) to gain access to thousands of other great articles. Need more reasons to join? Need insurance for you, your business or your family? Get quality appointments - Save yourself a whole lot of time & money when you use our directory of carriers, wholesalers and service providers. Negotiate lucrative contracts with carriers and wholesalers. Net result. More revenue for your agency! Clients & Prospects will research you, your co-workers and your agency here. The most comprehensive online insurance industry reference library for - Personal Lines Professionals Commercial Lines Professionals Life/ ...