Can carriers always charge short rate fee for cancelling a BOP policy midterm?
It's fairly common with Work Comp policies.
Should I Stop changing policies Mid-Term?
I recently changed BOP policy from Farmers to Travelers.Farmers agent called the client and told them you will be penalized because you
changed your carrier.So I am just wondering if that's normal.I have seen it with WC policies and it's the first time I am facing it with BOP.
Thanks for your contributions.
I really think it depends on the carrier. This is the same as auto; there's a bunch of companies that charge a short rate penalty but just as many that don't.
Thankfully all my recent cases are new ventures or renewals so I haven't had to deal with this issue.
