Articles by Patrick Wraight

Patrick Wraight, CIC, CRM, AU, is director of Insurance Journal's Academy of Insurance. He can be reached at pwraight@ijacademy.com.

Why the High Net Worth Client Needs More than Just an Agent

What exactly is a high net worth client, also known as a “private client?” According to Investopedia.com, a high net worth individual is an individual or family with liquid assets above a certain figure. Many sources set that figure at …

4 Facts that the Number of Open Michael Claims Won’t Tell You

Much is being made of a recent call by Florida Insurance Commissioner, David Altmaier, for insurance companies to “redouble efforts to resolve all open claims…” related to Hurricane Michael. Here’s the story in Insurance Journal. He’s right. These claims need …

Good enough isn’t good enough

“I got my license and I keep up on my CE, so I’m good to go.” “I finished college, so I don’t need to read anymore books.” “You have enough insurance designations. You don’t need any more.” Wrong. Wrong. Oh, …

Burst Sewer Pipes, Condos, and Coverage

An interesting question came in to the Academy of Insurance recently, edited below for space and to avoid disclosing any identifiable details. “I live in a condo building. A sewage pipe burst, causing damage to my unit and a few …

Is the Adult Child Covered When She Moves Out?

I received this question recently. “Will my customer’s personal auto policy cover their adult child that has moved out of their house?” That’s a pretty good question and I’m glad it was asked. Thankfully, I was able to see the …

The Evolution of Cyber Liability Exposure and Coverage

On July 25, Insurance Journal’s Academy of Insurance hosted a webinar by Joe Harrington, entitled The Evolution of Cyber Liability. Joe started the session in the early days of cyber liability when it was a fringe third-party liability coverage, sold …

Last Minute Insurance Shopping Woes

People leave things to the last minute. In college, the papers got written at the last minute. On Monday, people get up at the last minute. Insurance buying happens at the last minute. I believe that’s one of the reasons …

I’m not convinced the readability laws work

Insurance policies are supposed to be written to comply with state readability statutes. The biggest problem with those statutes and requirements is that they don’t actually address the content of the policies. This is the current Florida statute related to …

3 Problems with the Coverage Territory

When a customer buys an insurance policy, one of the often unanswered (and unasked) questions is “where does this policy apply?” You may not think it’s a big deal. But what if you just wrote a CGL policy for a …

What does “We’re studying the problem” really mean?

I was reading my latest issue of Carrier Management yesterday and found an article about how Lloyd’s was planning to modernize their operations. The article mentioned that Lloyd’s had put together a prospectus of potential solutions, but that nothing would …