I'm just curious about what other agencies do when protecting themselves from E&O situations arising from insureds who all of the sudden decide to buy a new tractor, add on to the house, purchase a $30,000 ring, etc. without notifying the agency.
I've asked some other colleagues and some of them just cross their fingers (what we've been doing, aside from speaking to them whenever they call or come in) and some send out letters at every renewal. A generic letter of, "Please come in or call for a policy review to make sure you are adequately and properly covered. Please remember to always call us if anything changes."
Do you all have a system in place to notify customers to contact your agency? Something you can hold up to the attorney saying, "See, right here we mailed them this letter stating to contact our office if anything changes." If so, is this something you do for every customer (even the non-standard dwelling fires?). At every renewal? Would something like this even help at all in a potential claim scenario?
This litigious society has me on pins and needles every time I get a claim declination from a company.