Over 1.5M Dwelling Case Possible E&O Claim?

[iiinycboi]

I dont know why i get all these complicated situations. Honestly, i only get these cases. I dont get those easy quote bind profit situations lol. BTW, he called me out of the blue. I do not have an ad in his area. He was not referred and had no reason why he chose me. He said just because he saw my office sign.

So i guess i run the quote and then discuss more and have him sign it.

But now that DJ mentioned floaters. He did say but he wants to insurance all his jewelry. Either standalone or attached to the policy. Which ever is cheaper. I already explained to him that he needs to document and show proof of value.

He sent me in the declaration page he was with lloyds. I think i am going to quote Chubbs. But he keeps insisting on basic fire and liability 500k only. i will give comparison quote and feel him out some more.

He also is rushing me, saying that the mortgage needs the insurance, so say quote him asap.

 

[djs]

Maybe I've been doing this to long, but you are.being setup for a large claim! If you write this, make sure you inspect. This is why he chose someone 3 hours out.

Dan

 

[joshb]

I dont know why i get all these complicated situations. Honestly, i only get these cases. I dont get those easy quote bind profit situations lol. BTW, he called me out of the blue. I do not have an ad in his area. He was not referred and had no reason why he chose me. He said just because he saw my office sign.

So i guess i run the quote and then discuss more and have him sign it.

But now that DJ mentioned floaters. He did say but he wants to insurance all his jewelry. Either standalone or attached to the policy. Which ever is cheaper. I already explained to him that he needs to document and show proof of value.

He sent me in the declaration page he was with lloyds. I think i am going to quote Chubbs. But he keeps insisting on basic fire and liability 500k only. i will give comparison quote and feel him out some more.

He also is rushing me, saying that the mortgage needs the insurance, so say quote him asap.

I wouldn't write this customer. Your wasting your time and efforts. Move on to something more profitable. Why in the world would anyone care more about their jewelry than their home? Because they are about to file a Theft claim on the jewelry! Theft claims are way up right now (comes with the economy), and are easy targets of fraud.

 

[1manshow]

another vote for not writing the biz

 

[iiinycboi]

just one of my thoughts,

if he was going to set up a huge claim, why doesnt he just do it now? even if he changes his policy to another carrier its only few hundred bucks saving. if he goes with a big claim, hes not saving that much and hes raising red flags.

 

[mmaedelins]

just one of my thoughts,

if he was going to set up a huge claim, why doesnt he just do it now? even if he changes his policy to another carrier its only few hundred bucks saving. if he goes with a big claim, hes not saving that much and hes raising red flags.

Maybe his current agent is a family member or good friend and he doesn't want to screw with their business but, someone 3 hours out who he doesn't know, is fair game.
Another vote from me on letting this one go.

 

[djs]

Doh!!!!
Here's the thing, from what you have written, his current policy is NOT in force. Why do I say that?

he used to have HO3 policy but he basically asked me to give him a DP1 for his mortgage satisfactions

This implies to me that he received a letter from his mortgage company about the status of his insurance. The rush nature of this means he has to prove insurance soon, or they will force place it.

A lot of these things happen innocently enough, but they are also signs of problems. Doesn't mean he will file a claim, just means the likelihood is significantly increased.

There is enough little things here, that they could add up to be a situation like the agent getting arrested thread. A lot of little signs were missed there as well. Now, this won't end up with you doing jail time, but it could end up with you doing some 'splainin...

There was a time I would have jumped on this and done anything I could to write this deal. Now, not so much. I'd still write it, probably, but I've learned what to look for and to cover up front. 90% of this is verify and inspect.

Dan

 

[iiinycboi]

Ah, good advice. I will decline this risk, im not comfortable taking it and dont want to risk it. If anyone who is brave enough and wants the lead in the NY area lol feel free to contact me.

 

[Guest]

Young grasshopper is finally learning........

 

[insurance1822]

Good choice on walking away...

Red Flag #1 - He needs it asap
Red Flag #2 - He lives 3 hours away
Red Flag #3 - He "saw" your sign
Red Flag #4 - This value home with these red flags

Red Flag #5 - Referencing insurance terminology and requesting coverages that anybody who knows anything about insurance wouldn't EVER suggest

You knew this whole time what this was...and what you should do...you just wanted the reinforcement as you were walking away from a paycheck.

I would do a tax record search on the property, google his name, google his phone number...and I bet you'd quickly uncover something

In our agency...this is a defcon 5 bum