Personal auto policy written for our insured. The carrier requires driver info for all drivers in the household. Father (our insured) gives us son's SSAN, DOB, Operator ID, carrier and policy number - son is age 24, has his own auto insurance, and lives in our insured's household. Carrier advises th...

Thanks for the input. From any state is OK. As far as E&O goes, I have come to the conclusion that being proactive is far better than being reactive. When we receive 'word' and/or have confirmation that a policyholder has died (not necessarily from a legal representative) we immediately send a l...

Through a reliable source you learn one of your New York insureds/policyholders has passed away. What due diligence and documentation does your agency initiate to prevent an E&O situation? Any specific suggestions or experiences regarding vacancy, unoccupancy, household, notifying the carrier, n...

I had that happen to one of my nice commercial accounts once. I ran this by my mentor and he said to me "If you are doing such a bang-up job as an insurance agent/broker, why would your insured seek out a consultant? Isn't that part of the service you provide as a competent insurance person?&qu...

We became a delivery agency for the American Safety Council's Point & Insurance Reduction Program in 2007. I teach the 6 hour classroom course along (or alternately) with another certified instructor. We have to send $10 per student to the ASC and keep the difference between that and what we cha...

School of thought #1: As an agent or broker you should use some type of costimator and recommend an amout of property coverage to your insured. There is definitely an E&O exposure here for an inadequate amount of coverage should you not advise/recommend the 'perfect' amount of coverage. School o...

Remember insurance school ? They took an ISO personal auto specimen policy and everybody in class had a copy and you went over it line by line. This is what they did when I went to insurance school for the 90 hour licensing requirement course. If your agency has 15 carriers writing personal auto you...

*All users required to register and use their real name *For all posts, the name and state should appear somewhere in the post even if it has to be done by the system. I am tired of reading an interesting post only to find that the individual does not include the name of at least one state. Hello, w...

NY does not allow any personal auto carrier to re-profile the credit on renewal - except for an 'upgrade' to a better tier/program. This was the 'deal' legislators cut with the insurance industry when NY allowed credit profiling for Personal Auto insurance in NY. All of the other underwriting consid...

My agency experienced a nice clean 'law and ordinance' claim recently. (Clean means it was covered and paid without any problems or deductions for 'betterment' required by law or ordinance) I decided to get out the 'law and ordinance' coverage parts for our 5 major homeowners carriers and look at th...

The 'pure speculation' of some posts really grabs me. I recall many IM policies which stated in the settlement provisions "the lesser of....." If you do not have a specimen policy or access to these items, you are guessing. In some instances, the 'replacement cost' settlement option under ...

In NY we are advised by our carriers that they do not 'downgrade' renewals if the credit score/profile worsens. My question is "Why not?" If 'credit' is the magic bullet of underwriting, why not charge more (re-tier) at renewal when the insured's credit goes south? Carriers do so when conv...

I asked Metlife for my credit profile and how they arrived at it. "It is proprietary" I was told and would not be furnished to me. This is New York so I am not speaking for any other states. So let's say my current credit score with Experian is 740. Before my next policy renewal, it drops ...

OK "micacooper", I have two simple requests for you. 1) Call up your auto insurance carrier and ask them for your 'insurance score' and how it was arrived at. 2) Please cite your source of data proving 'insurance scoring is a factor (many times over)...in predicting future claims'. It is o...

Their website is extremely 'user-friendly'. Quoting and issuing is a breeze. Everything then prints out - especially NY Barcoded ID cards. You can even get a binder for the loss payee. Everything is also available as a file which we can attach to our agency management system or send to an insured, e...