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Do You Take Uninsured Motorist Coverage For Granted?
...key to a good defense. Don't take Uninsured Motorist coverage for granted. Do the righ...

... "Named Insured" status/"Drive Other Car" coverage. It should be standard practice to offer the owners of the business (where the business is the named insured) additional "Named Insured" status or "Drive Other Car" coverage. If a business owner suffered an injury as a pedestrian or as a passenger in another vehicle, he or she would need this coverage to collect uninsured motorist (UM) or underinsured motorist (UIM) coverage from the Commercial Auto policy. Limits issues. When losses occur with this line of business, the damages can be significant. Limits of $1 million might sound like a lot, but claims involving bodily injuries can easily exceed this. Thus, it makes sense to offer an Umbrella policy. If your insured doesn't want to carry ... $1 million limit or an Umbrella, get their rejection in writing. This sign-off will give you a solid defense if a major claim occurs and the insured alleges you hadn't provided the proper coverage. When providing an Umbrella, especially with a different carrier than the primary, check that the necessary underlying limit requirements are being satisfied. Adding or deleting the wrong vehicles from a policy. With a Commercial Auto fleet of significant size, maintaining an accurate list can present a challenge. When the customer contacts you to add or delete specific vehicles, get the request in writing. This will help ensure that you're modifying the policy correctly, not only for the vehicles, but also for the coverage specific to those vehicles. Because the policyholder might have two vehicles of the same year and make, ...

... renew at lower limits and/or increased deductible amounts. Recently, an agent quoted a $90,000 premium for a $5 million Commercial Umbrella policy. The expiring Umbrella's limit was $25 million at a premium of $69,000 — 80% less coverage for 50% more premium. Coverage changes requested by insureds. Be wary of requests to eliminate or reduce such coverages as Uninsured Motorist or Umbrellas. The agent above had an insured who'd recently dropped his Products Liability coverage because he said he just couldn't afford it. Agents will need to work with insureds to find a way to keep critical coverages in place and/or explore alternative risk management techniques. If you must reduce coverage, particularly at your insured's request, document everything — with the insured's signature. Carrier changes ... If you need to move an account to a new insurer, watch for coverage reductions, especially when moving from one proprietary company package to another. Since these moves are often done at the last minute, make sure that nothing slips through the cracks by having more than one person review such accounts for errors or omissions. USING E&S , RESIDUAL, AND OTHER MARKETS In recent years, the E&S marketplace grew at a rate twice that of the standard market. Expect this rate to increase significantly during a hard market. Devote ample attention to E&S , residual, and nontraditional markets. Follow applicable laws when using E&S markets. In some states, agents must demonstrate a diligent search for admitted markets before using an E&S carrier. Although not admitted ...

...l Payments $2,000 per Person Uninsured/Underinsured Motorists $1 million per Accident Include...

...the most common problem involves Uninsured/Underinsured Motorist coverage not being equal to the poli...

... of coverage when, for example, Uninsured Motorist coverage is declined. Certainly an a...

... $50 $100 $200 $250 $500 $1,000 Uninsured Motorist Coverage Y N Towing and Labor Y N R...

... other people or their property while operating an automobile. &# 160 Collision. Covers damage to your vehicle in an accident. &# 160 Comprehensive. Covers damage to your vehicle from fire, break-ins, vandalism, theft, and natural disasters. &# 160 Medical Payments. Covers emergency and related medical payments for you and your passengers, regardless of who is at fault. &# 160 Uninsured Motorists and Underinsured Motorists. Protects you and your passengers in an accident with drivers carrying insufficient or no liability coverage. &# 160 Additional Coverages. Pay for expenses such as towing, labor, rental vehicles, etc. &# 160 Irma &# 160 At 35, Irma and her husband Joe have a young son, own a modest home and are about to become parents of twins ... The welfare of their growing family is their primary concern. Irma elected to leave her job to care for the children full time. However, the couple was covered under her employer's health care plan, and Joe's employer does not provide coverage as comprehensive as Irma's former company. &# 160 The couple met with their independent insurance agent to determine how they could supplement Joe's health plan to provide sufficient coverage for Irma and the children. The agent reviewed their health care needs and identified an insurance provider that could economically supplement their coverage and meet their needs. With a growing family, the couple explored life insurance options with their agent. They purchased a policy that would protect the family's financial security should something happen to Joe. In addition, their agent encouraged them to see an attorney to draft ...

...ss of who is at fault.   Uninsured Motorists and Underinsured Motorist..., equipment, and prized possessions uninsured and unprotected.   You a...

...they might want, such as foreign uninsured motorist coverage, absent a special relations...