Need Help in Finding an Insurance Broker

[BNTRS]

If you were looking for employee benefits I'd raise my hand. I don't do P&C, and just realized I don't know anyone in the P&C biz that I'd recommend you talk to who would likely be interested.

 

[Guest]

Hi everybody. Looks like there has been some confusion. Let me clear this up.

I work for a Heating, Ventilating, and Air Conditioning in New York City in the state of New York.

We are looking for another insurance broker because that broker is selling his business to another guy. It is not likely that will happen as long as long as the relationship between stays the same. But there has been rumbling going on with our current insurance broker. There appears to be some sort of power struggle going on. Something accounts being stolen.

So here are my questions.

1. What should I be looking for in an insurance broker?

2. How do I know what is a reasonable price?

3. What are my rights?

4. What are their rights?

If you can point me to the right sites or books about insurance, that would be cool to.

We are looking for general liability and auto coverage.

Thank you.

P.S Linda Blair is not my real name, but I just some bits of that movie online.

Here are some answers and ideas:

1. Contact some other HVAC companies to find out if they would recommend their insurance broker. If you belong to a HVAC trade organization there may be some insurance brokers that are pursuing insurance business from the trade organization members.

2. A price at or below to the existing premium. Although, the broker may have recommendations that could cost you more money. The recommendations may entail additional insurance for gaps in coverage or optional insurance coverage.

3.&4. Rights are between the HVAC company and the insurance company which is the insurance policy. The insurance broker can explain your rights and the insurance company rights.

If you are going to obtain quotes from more than one insurance broker it is possible that each broker represents the same insurance companies. Therefore, to avoid getting multiple quotes from the same insurance company find out which insurance companies each broker is using to quote the HVAC business.

The new brokers will want to know about claims history. If the business has had a history of claims the new brokers may tell you upfront that they cannot compete with the current insurance premium(s). If it is necessary to stay with your current insurance policies then ask the current insurance broker for a meeting to review the insurance and go over any questions. If the current insurance broker does not follow through or there are problems you may have the option to change insurance brokers in order to keep the current insurance policies. Contact the insurance company(s) direct or the New York Dept. of Insurance to find out if it is possible to change insurance brokers to keep the existing policies. Good luck!

 

[Cornelius]

I don't know much abut this company but maybe they can help you.
InsuranceNoodle | Small Business Insurance

 

[linda blair]

Here are some answers and ideas:

1. Contact some other HVAC companies to find out if they would recommend their insurance broker. If you belong to a HVAC trade organization there may be some insurance brokers that are pursuing insurance business from the trade organization members.

2. A price at or below to the existing premium. Although, the broker may have recommendations that could cost you more money. The recommendations may entail additional insurance for gaps in coverage or optional insurance coverage.

3.&4. Rights are between the HVAC company and the insurance company which is the insurance policy. The insurance broker can explain your rights and the insurance company rights.

If you are going to obtain quotes from more than one insurance broker it is possible that each broker represents the same insurance companies. Therefore, to avoid getting multiple quotes from the same insurance company find out which insurance companies each broker is using to quote the HVAC business.

The new brokers will want to know about claims history. If the business has had a history of claims the new brokers may tell you upfront that they cannot compete with the current insurance premium(s). If it is necessary to stay with your current insurance policies then ask the current insurance broker for a meeting to review the insurance and go over any questions. If the current insurance broker does not follow through or there are problems you may have the option to change insurance brokers in order to keep the current insurance policies. Contact the insurance company(s) direct or the New York Dept. of Insurance to find out if it is possible to change insurance brokers to keep the existing policies. Good luck!

Thank you so much for the information. This clears up a lot.

One of the things I am learning about are the certificates of insurance.that have to be issued to work sites. We send our HVAC technicians to fix at buildings but I understand they are required in order for our technicians to do work.

My question is how much control does company have over COI? Can we change the date of expiration? Can we make changes if our customers demand it?

 

[Guest]

Since the COI is a document recognized throughout the business world and relied upon as a substitute for the actual insurance policy it cannot be changed (expiration date or other changes) unless the insurance policy is first changed.

If a ceritficate request is in response to a verbal request it is less likely that your current insurance would need to be changed.
If a certificate request is in response to the insurance requirements in a contract this may cause changes to the current insurance. Typically, the insurance requirements in the contract will specify certain insurance policies and required limits of insurance. If your current insurance policies do not meet these requirements, provide a copy of the contract with the insurance requirements to your insurance broker and the broker will obtain the necessary information to provide you with quotes for the additional insurance and/or the additional premium to increase the current limit of insurance. Also, it may be possible to negotiate some of the insurance requirements in the contract so you may want to consult with your insurance to discuss which requirements, if any, would be negotiable.

 

[linda blair]

Since the COI is a document recognized throughout the business world and relied upon as a substitute for the actual insurance policy it cannot be changed (expiration date or other changes) unless the insurance policy is first changed.

If a ceritficate request is in response to a verbal request it is less likely that your current insurance would need to be changed.
If a certificate request is in response to the insurance requirements in a contract this may cause changes to the current insurance. Typically, the insurance requirements in the contract will specify certain insurance policies and required limits of insurance. If your current insurance policies do not meet these requirements, provide a copy of the contract with the insurance requirements to your insurance broker and the broker will obtain the necessary information to provide you with quotes for the additional insurance and/or the additional premium to increase the current limit of insurance. Also, it may be possible to negotiate some of the insurance requirements in the contract so you may want to consult with your insurance to discuss which requirements, if any, would be negotiable.

Thank you so much for the information.

About the COI. I understand they have an expiration date. How long do I have to wait to get new ones issued?

We have customers who want them as soon as the New Year starts. But our broker has told us that they can only issue them a week before the certificates expire. Is our broker right?

 

[Guest]

Upon renewal the broker is positioned to make sure your customers are provided with the new and renewal certificates. If it takes longer than a week before expiration for your customers to receive the renewal certificate, this would be one the items to discuss with your broker when you are negotiating the terms of renewing the insurance.

 

[Dudley76]

There has been a major reshuffling at my company where I work and I ended up being promoted and one of my duties is to find a new insurance broker. Our current broker is selling his business to another broker and my boss wants to see what is out there. The problem is that I have no idea on how to find an insurance broker or what to look for. Any suggestions are helpful.

Just a little bit about ourselves. We are an HVAC company in NYC. The type of insurance we need is general liability and auto.

I'd be happy to assist you as I am local to NYC. Feel free to peruse my website and call me if you would like to have a conversation.

What sort of services were you looking for? Group benefits? Commercial liability? Both?

Regards,