Tomorrow’s Knowledge Knugget will address the difference between mortgage brokers and mortgage bankers both in exposure and in coverage availability. Mortgage bankers being incorrectly — or inadequately — insured as mortgage brokers is not uncommon. But even more common are carriers saying they’ll write “mortgage brokers/bankers” when in fact they will only write the mortgage [...]
Is selling on price a waste of time? Bad for the industry? Bad for the insureds? Could be. Selling on coverage and value is a viable alternative, and perhaps should be an agent’s default mode of operation.
The most common wording in professional liability policies — inclusion of “for a fee” in the definition of professional services — can render a policy useless when your insured performs pro bono or other non-fee services.
Continue reading about Is “For a Fee” Wording Leaving your Insured Bare?
