Helping clients understand their risk management options and to realize the cost of being under insured. The process of sharing information is made easier because there are credible industry resources available online. Read the insurance industry news in publications and from carriers. Sharing information with clients helps them know their options and make sound choices. Policy holder want the consultative assistance and the agent is their trusted advisor.
New York Expands Broker Negligence in Favor of Policyholders
In a recent decision, the New York Court of Appeals expanded a Policyholder’s ability to hold a broker liable for negligence. The court confirmed its recognition that under certain circumstances a duty exists whereby an insurance broker is liable for its failure to advise clients of the need to procure additional or sufficient coverage. The decision represents a subtle but significant shift in New York law towards creating a fiduciary duty by insurance brokers to their clients. Read more.How to Help Small Businesses Avoid Underinsurance and Anticipate the Unexpected
Insurance agents have an opportunity to solidify their client relationships by taking time now to reach out and to discuss how a comprehensive and appropriately valued insurance program combined with proactive business continuity planning are keys to sustaining a client’s long-term success. Read more.Working with the Excess & Surplus Lines Markets
Submitting Bids. In making submissions to the surplus lines market, retailers should understand that a “shotgun” approach does not serve the best interests of their clients. Read more.