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 of thought #2: Ask the applicant/prospect to provide you with a written request for the amount of property insurace they desire advisijng they should have a reputable builder, contractor, or supplier furnish them with the value(s). In this situation, there should be much less of an E&O exposure.
Comments please.
Cost Estimators - good or evil?
Moderators: Josh, independent guy