Jonathan Nelson
Expert
- 20
I have heard some horror stories regarding re-marketing policies, especially when it's external. I was wondering if I could get some ideas on how other agents combat this.
In case you're wondering what I am talking about, there is a true story about an agent who wrote a homeowners policy for a client that was originally with Met Life. The policy this agent provided was better in that it had higher liability coverages and endorsements. There was one problem though, the new policy did not include volunteer professional liability. So, a few months after the client switched companies/policies, he designed a teepee for a local boyscouts club that failed and resulted in a massive lawsuit. The agent was basically on the hook here because he never conveyed this difference to the client.
I actively check both policies and let the client know if any differences exists. I usually document such conversations on my cms but now I am beginning to wonder if I should ask them to sign a form that acknowledges their understanding. Basically, to cover my ass!
So if anyone cares to share their re-marketing procedure, I would really appreciate it! Thanks.
In case you're wondering what I am talking about, there is a true story about an agent who wrote a homeowners policy for a client that was originally with Met Life. The policy this agent provided was better in that it had higher liability coverages and endorsements. There was one problem though, the new policy did not include volunteer professional liability. So, a few months after the client switched companies/policies, he designed a teepee for a local boyscouts club that failed and resulted in a massive lawsuit. The agent was basically on the hook here because he never conveyed this difference to the client.
I actively check both policies and let the client know if any differences exists. I usually document such conversations on my cms but now I am beginning to wonder if I should ask them to sign a form that acknowledges their understanding. Basically, to cover my ass!
So if anyone cares to share their re-marketing procedure, I would really appreciate it! Thanks.