The optometrist doesn’t want to hear it, because he would have had to pay even more premium, but if his business has been closed due to utility outage, that loss of income could have been covered with a utility disruption endorsement. I wonder if his agent offered that coverage and whether or not the optometrist declined it.
Classic example of today’s insurance market. Everything is price price price until a claim occurs and there is no coverage and the insured starts screaming about why they even have insurance… Well Mr. Insured, find an agent that consults with you, identifies your exposures and concerns, what you personally want protection for and then delivers that to you. If you choose to buy a cheaper option or go with that new agent who promises the cheapest price and even better coverage, then it lies at your feet, not the agent’s and not the carrier’s when your claim gets denied. Insurance is complicated…even for those of us who do it every day and that is why a smart & competent insurance agent (and hopefully the equally smart underwriters they use which are becoming a rarity) is so important. Would you hire a burger flipper from a fast food joint to be your CFO? Then why would you hire an agent who doesn’t take the time to understand your business and the risks involved to place the most important risk transfer mechanism that ensures financial stability for your company?
Most good companies put the utility disruption coverage in their list of “perks” on a package. Food spoilage is also important with restaurants and grocery stores.
Utility Disruption would not have covered this loss. His patients and customers could not get there due to flooding in the streets, making it difficult to find a route. His employees were most likely unable to get to work at well. Most of Houston retained power during the storm/flooding.
The optometrist doesn’t want to hear it, because he would have had to pay even more premium, but if his business has been closed due to utility outage, that loss of income could have been covered with a utility disruption endorsement. I wonder if his agent offered that coverage and whether or not the optometrist declined it.
Don’t feel sorry for him. There’s not a person that’s not affected by this. Some, much more than he I suspect.
Classic example of today’s insurance market. Everything is price price price until a claim occurs and there is no coverage and the insured starts screaming about why they even have insurance… Well Mr. Insured, find an agent that consults with you, identifies your exposures and concerns, what you personally want protection for and then delivers that to you. If you choose to buy a cheaper option or go with that new agent who promises the cheapest price and even better coverage, then it lies at your feet, not the agent’s and not the carrier’s when your claim gets denied. Insurance is complicated…even for those of us who do it every day and that is why a smart & competent insurance agent (and hopefully the equally smart underwriters they use which are becoming a rarity) is so important. Would you hire a burger flipper from a fast food joint to be your CFO? Then why would you hire an agent who doesn’t take the time to understand your business and the risks involved to place the most important risk transfer mechanism that ensures financial stability for your company?
Most good companies put the utility disruption coverage in their list of “perks” on a package. Food spoilage is also important with restaurants and grocery stores.
Perfect example of why agents need to review what is NOT covered in their existing policy each year.
A better example is the agent reviewing with their “Policyholder” what is covered and not covered under the policyholder policy.
Utility Disruption would not have covered this loss. His patients and customers could not get there due to flooding in the streets, making it difficult to find a route. His employees were most likely unable to get to work at well. Most of Houston retained power during the storm/flooding.