Prior Policy Cancelation

[alwrightins]

Ok. Thanks Brendan. Good info. When do you actually fax out the LPR to the prior carrier?

 

[BrendanFFG]

Ok. Thanks Brendan. Good info. When do you actually fax out the LPR to the prior carrier?

Usually after the policy downloads into out CRM/Rater which is ezlynx. That way we know it's in effect and there aren't any errors. Usually 2-3 days after effective date.

What do you use for a rater?

 

[alwrightins]

I use Vetafore PL Rater just for Personal lines quoting, which I like and works well. We use Vertafore AMS 360 for the management system but that sucks overload of junk idk lol.

 

[F150]

cant believe no one has answered this completely for this kid.......

Send the cancellation ASAP, experience will tell you, if you dont cancel it, this WILL HAPPEN........
you just hit the clients credit card/checking account for a premium, the old policy isnt cancelled and BOOM, they get hit from another EFT from the old policy, guess who the client is calling screaming at and now you look stupid because they will say, "i thought YOU took care of this" and then what do you say when the client says, i just got hit with $50 or $75 in NSF fees?

Explain to the client, YOU will fax this to the company or old agent, but there are NO Guarentees, they will cancel it, if its monday, i tell them to follow up with a phone call ON friday to MAKE SURE it was cancelled.

C.O.V.E.R.......Y.O.U.R................A.S.S........

 

[alwrightins]

Thanks F150 lol....so the only thing I keep coming to f150 is what if the company denies the app after I issue it for whatever reason. I know this is rare but I need a good opinion on this sinario.a lot of people wait until the policy get apprived by the new company but yes this does create unnecessary problems I feel and I have been saying to my client u might get a bill depending on effective dates and time of rewwrite but I would rather not have to do these things cause it make me look bad.

 

[F150]

Thanks F150 lol....so the only thing I keep coming to f150 is what if the company denies the app after I issue it for whatever reason. I know this is rare but I need a good opinion on this sinario.a lot of people wait until the policy get apprived by the new company but yes this does create unnecessary problems I feel and I have been saying to my client u might get a bill depending on effective dates and time of rewwrite but I would rather not have to do these things cause it make me look bad.

If the policy is declined, then YOU didnt do your job, and most carriers FORCE you to run all the reports before you issue it.

If this happens, it wont be often, so I suggest, dont worry about it. if it does happen you have alternatives.

issue the policies, cancel the old ones, complete your paperwork, close the file and move on to the next one.....

 

[alwrightins]

F150 u the man thank u....

 

[Milkman1265]

i send them out after i get the policy.

That is if you work with mga/wholesalers. you will get screwed once or twice, so i hold out on sending the lpr.

I get them signed at the same time with the app but i send them out once i received the policy.

I had wholesalers/mga u/w who messed up or said i left something out or some random miscommunication and they wont send your binding through. And your client has no coverage if you canceled the prior already.

Direct appointments, i think you will be ok to send them asap. since you have binding authority and if they do cancel they give the 30 day notice for you to replace.

wholesaler/mga, no so much if they dont push the app to the carrier your app wont get processed ever, then they also may claim they dont do backdates and you had incomplete apps due to them forgetting to give you a supplemental.

I've always gotten policies canceled with no penalty as long as you can prove coverage was replaced.