Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
Markingriffin said:Just think about Glenn case. If he had a clear tape of what happen with that old lady, none of that would have happen.
Underwriter2Agent said:My agency makes specified exclusion waivers for all lines of business in addition to the signed documented application. Also all the above mentions are great put it this way with e&o document document document.
I would be happy to show a couple they are simple basic just to make sure i cover my self. PM me.
How do your carriers feel about your self created waiver forms?
So, what do you do when something isn't covered and your waiver doesn't specify it? Do YOU pay the claim?
Here is the scenerio I see happening with self-generated waiver forms:
Judge, my agent had me sign off on the fact floods are not covered. He explained that water pipes breaking are not considered floods, but a river coming through my house (exterior water) would be a flood. I understood that.
I had a water leak that damaged my ceiling and my walls. I called the insurance company and they denied the claim, stating it wasn't sudden and unexpected, that the leak had occured over a period of time.
Judge, I didn't sign a waiver on this type of thing. According to the waiver and exclusions the agent had me sign, this should be covered.
Agent: But Judge, I didn't extend coverages that were not part of the policy....
Judge: Mr. Agent, by trying to only include some exclusions, you generated confusion for the client, therefore, you are liable for this loss. Pay up at Window 3.
E&O Carrier: Huh? No, this is a self-generated form that wasn't approved. We are not paying this claim.
Yes, signing off on lack of coverage is a great idea, but I see it as more of a problem than a benefit. Or at least make sure your exclusion form states that they are examples of coverages not provided and it is the responsibility of the client to read the policy in full, with the policy language overriding the exclusion document.
Dan