August is Environmental Month – send in business – get extra commission!
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.
Why do insureds rely upon representations that clearly conflict with the written quote? Why do agents lie about coverages, or allow themselves to be mislead by unscrupulous or ignorant market intermediaries?
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.