PL Question

[jhplat5685]

I do mostly (pretty much all) commercial lines business when it comes to prospecting.

Recently realized I am pretty competitive in personal lines in my area.

My questions is do I need to obtain ex-dates on personals like I do in comm? Do the ex-dates really matter in terms of the insured having to pay some kind of cancelation?

thanks in advance

 

[infoe]

I have not seen any cancellation fees amongst PL in the two states i've been in. EX-dating will always be there if you are not going to close them immediately...but if you can save them money, go for the sale immediately.

 

[djs]

Some carriers do charge a short rate fee, but its usually pretty minimal. I see this much more in non-standard business than I do in preferred business.

If you don't make the sale at the time, x-dating is a good way to revisit the quote on a regular basis. To me, this is the biggest use of them, it basically becomes a market timing thing, similar to commercial, but more for you than for the client.

Dan