Ignore the Bank, Go With Replacement Cost
Everyday agents are asked, well required, by banks to provide Coverage A limits in excess of the developed replacement cost. Why are such requests made? So that Coverage A limits match the loan requirements of course. Mortgagees tend to forget that the loan buys more than just the structure; it includes the land and location, location, location. The buyer/mortgagor is paying for the view and access to the office and shopping in addition to the house. The insurance policy only pays to replace the house.
VIDEO #1: RISK OVERVIEW
VIDEO #2: GENERAL INFORMATION (PT.1)
VIDEO #3: DWELLING - A & ADDITIONAL STRUCTURES - B
When Insurance Strikes (Out): Underestimating Replacement Cost
Underinsurance is still a problem. According to CoreLogic approximately 60 percent of homes are underinsured by 20 percent on average. Obviously, this leads to devastating results for the insured, and possibly the agent from an E&O perspective. We know this in the industry, but now the NY Times is reporting it – and they are making serious charges.
VIDEO #4: PERSONAL PROPERTY - C & LIVING EXPENSE- D
VIDEO #5: PERSONAL LIABILITY
VIDEO #6: PERSONAL UMBRELLA
VIDEO #7: PERSONAL AUTO
VIDEO #8: PERSONAL LINES WATERCRAFT
VIDEO #9: IN-HOME BUSINESS
Frane Selak is without a doubt the unluckiest man to ever live as he survived numerous accidents that are just simply mind-boggling. He was very lucky to survive any one of these encounters that left others dead. It turns out he truly was a very lucky man. I wonder if he was ever able to obtain a life insurance policy?
Liability Insurance Exclusion
Drivers involved in car pools and other group arrangements may wonder if the situation is covered under their auto policy. This concern is valid as many auto policies have restrictions. Typically, liability coverage under personal automobile policies does not apply to "…liability arising out of the ownership or operation of a vehicle while it is being used as a public or livery conveyance." (A public conveyance is a vehicle used indiscriminately in transporting the public without being limited to certain persons or occasions. A livery vehicle is one that is offered for rental). There is slight variation in language among policies issued by various insurers, but the intent is the same: to exclude the use of a personal auto for transporting people or property for income. However, this exclusion does not affect coverage for car pool, driver group, and share-the-ride arrangements.
Dad Hitches His Trailer to His Daughter’s Auto…Uh Oh
A father’s nonresident daughter borrowed his camper trailer to be hauled by her SUV. Dad hooked the vehicles up. While the trailer was being towed, it somehow became uncoupled, and the tongue of the trailer rammed the rear of the daughter’s SUV, causing several thousand dollars damage. Dad thinks this is his fault and wants his PAP to pay. Will it? Find out what the Experts say ...
What Happens When an Auto is Recovered...30 Years Later?
In 1973, the insured had a 1967 Chevy Corvette stolen. It was reported to the police and the insurer paid $2,500 for the claim. The car was recovered last October, completely stripped. The police called the insured and released the car to him. The insured sold the car to a friend who restores Vettes. The insurer now wants the insured to reimburse them for $14,000, the current value of the car. The insured wants to reimburse the carrier the $2,500 paid over 30 years ago. Who's correct? Answer
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Agency Management Basics
3 ways to turbocharge the sale of your insurance business
Do you know the Lifetime Value of a customer?
Personal Auto Insurance Basics
Can I drive legally without insurance? Article
A Collision with an Animal IS a Collision
It's bad when industry information sources and regulators publish wrong coverage information, especially info that’s detrimental to consumers. I hope, when you come across such instances, you take the time to correct them. Here's a good example of an auto insurance coverage myth that I've run across many times over the years....
Read on »
Homeowner's / Renter's Insurance Basics
Does My Homeowners Insurance Cover Flooding? Article
Flood coverage is provided by the National Flood Insurance Program.
Miscellaneous Personal Lines
Insuring a Co-op or Condo Article
Small Business Insurance Basics
Insuring Your Home-Based Business Article
11 things you need to do to prepare for a windstorm
While property damage and business interruption may be covered by your insurance policy, the loss of market share and a damaged reputation can cripple a company. …Read more
Errors & Omissions Prevention
Agency that provided misinformation about policy could be charged with Fraud
Insurance Fraud Prevention
Crooked lawyer feasts on client settlements
Ethics in the Insurance Industry
Don’t be satisfied with being good at your job. Be the best, and you’ll be indispensable.
Experts have consistently found that after a certain point, money ceases to be a motivator. Even though you may not yet have reached that point, if you are honest with yourself, you will probably find that money is only one of many considerations. When asked if they would continue doing what they do even though it didn’t pay well, most highly successful people reply, “Absolutely. I wouldn’t change a thing. I love what I’m doing.” One of the surest ways to climb the ladder of success is to choose a job that you would do even if you didn’t earn much at it. When you are working because you like what you do, the money will follow. You will become such a rare commodity that others will compete for your services — and pay you handsomely for them.
Smile A While
Knowledge is knowing a tomato is a fruit. Wisdom is not putting it in a fruit salad.
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