Hurricane Sandy and Physical Damage & Lack of Exclusions

[BlockO]

I received emails from some of my carriers that we are not to write any new phys. damage coverage on anything, or lower deductibles on existing phys. Damage coverage in areas affected by the storm.

While that makes obvious sense that it would be unwise for a carrier to offer such coverage at this time, wouldn't a signed exclusion form work just as well?

 

[moonlightandmargaritas]

While that makes obvious sense that it would be unwise for a carrier to offer such coverage at this time, wouldn't a signed exclusion form work just as well?

No, it wouldn't.

A signed exclusion form leaves all kinds of misunderstandings possible. Too much risk of litigation.

 

[BlockO]

M&M, I get what you're saying.... But it seems to me it would be easy for a lawyer to draw up very clear exclusions for any weather related claims that would adequately cover any misunderstanding.

Obviously I'm wrong. Otherwise, they wouldn't close down shop. But it's extremely frustrating from an agent's standpoint.
I'm in 6 states and about two thirds of it is off limits until "further notice". Bummer!

 

[FL P&C Broker]

Happens all the time in Florida. I call them vacation days.

 

[pcbinsurance]

Vacation days where you put a message on the voice mail telling your clients and prospective clients that you can't help them until after the storm passes.

 

[Josh]

I received emails from some of my carriers that we are not to write any new phys. damage coverage on anything, or lower deductibles on existing phys. Damage coverage in areas affected by the storm.

While that makes obvious sense that it would be unwise for a carrier to offer such coverage at this time, wouldn't a signed exclusion form work just as well?

Sounsd like good business to me.

 

[djs]

I'm guessing, but I assume they would have to adjust the premiums based on the exclusion, or some attorney would have a field day on them saying they charged for the coverage but didn't provide it. Wouldn't go over well at all in the press.

Cleanest way out is to suspend all binding authority until the storm blows over.

This happens from time to time in CA with wildfires, mudslides, earthquakes, riots, Giants winning the World Series and things like that.

Dan

 

[gordon112]

Sounsd like good business to me.

Hello the is John Doe at ### insurance, due to hurricane Sandy we will no longer hold any responsibility to losses due to your negligence of not tying down high risk objects.

:https://www.facebook.com/photo.php?...131603378550.106294.41536098550&type=1&ref=nf

 

[Guest]

I'm in 6 states and about two thirds of it is off limits until "further notice". Bummer!

I think people are a little busy, how much business do you expect to write the next couple weeks?

 

[BlockO]

RBA, I understand that in the coastal areas.... But 600-700 miles inland?