Replacing Admitted with Nonadmitted Article

[marindependent]

Great article for P&C Agents to read that sell nonadmitted homeowner policies.

AGENCY REPLACED AN ADMITTED POLICY WITH A NON-ADMITTED POLICY & GOT SUED FOR COVERAGE SHORTFALL

 

[AZDave]

"The agency might have had a better defense if the client had received a copy two years before the loss."

That's a problem!

 

[Al3x Lee]

Great article for P&C Agents to read that sell nonadmitted homeowner policies.

I don't sell homeowners, but write plenty of commercial property. Personally, I think policies should include all of the coverage forms with the quote, and not just a list of them, but the actual forms. How the hell are you supposed to know what you're buying if you can't even see the terms of the policy? Our industry has rightfully earned the reputation that customers have of it, which is that they believe insurance is a scam and covers nothing because they're seemingly never given the terms of their policy prior to the purchase.

I've even heard people on these forums say we should do away with certificates of insurance and just provide policies. I completely agree. Let's get rid of all of this ambiguity. That would require people outside of our industry to actually read some insurance language though, god forbid.

As far as this agent goes "For reasons unstated in the court’s opinion, the client did not receive a copy of the policy." - Rookie mistake!

 

[saieddie]

"The agency might have had a better defense if the client had received a copy two years before the loss."

That's a problem!

Did the agent say they didn't mail the policy out? The insured could have gotten it and filed it away in their circular file. Alot of my clients say they never received a cancellation notice in the mail, but I can see online that the company sent it out. If I was that insured, i'd say I never got a copy of the policy as well if it meant the agent would pay for my damages.

 

[Markthebroker]

Did the agent say they didn't mail the policy out? The insured could have gotten it and filed it away in their circular file. Alot of my clients say they never received a cancellation notice in the mail, but I can see online that the company sent it out. If I was that insured, i'd say I never got a copy of the policy as well if it meant the agent would pay for my damages.

Good point. It's interesting that the article said "the client did not receive a copy of the policy". It didn't say that a copy wasn't sent. I can almost guarantee a copy WAS sent.