Wholesaler Problem, how to Deal?

[Milkman1265]

How do you handle this case?

HO3 Case

So from the first email i ask to quote with water backup, but my application i left it out, but asking for the water back up endorsement.

I reviewed the quotation, and it did not show water back up limit. I emailed back, hey theres a problem with the structure, its masonry not frame and what is the water back up limit? I get a response, the limit and deductible for water limit and also that they will revise with masonry.

I was competing with another broker for same coverage and same price but now when i reviewed the policy, it shows water back up exclusion and i questioned the underwriter (wholesaler) about it and she said the application didnt have the water back up request. I said we talked about it over the email and you even gave me the limit.

He tells me a question and on application is 2 different things, so if you want water back up please have insured fill out endorsement paperwork. It will be additional premium.

Now it looks like i bait and switch the insured.

I know i am wrong for not double checking the policy on time, i glanced at the regular coverages but not the water back up. But their telling me i totally dropped the ball on this one and its not their fault. (heartless underwriters lol)

So before a claim i want to solve this, i told them i want a credit for the endorsement because we had the on going convo on the endorsement, but at binding it was without.

How to go about this? Insured is going to be angry if they have to pay additional premium for my mistake.

 

[djs]

Unfortunately, I agree with the underwriter on this. If you wanted it, you should have it on the application. A lot of people ask questions, but that doesn't mean they always want the coverage.

Now, if in the emails you said to add it to the bound coverage, then I'll side with you, but remember, they do this from the application, not from the 1000 emails they get a day.

This is one of those times, you made an oops, but caught it before it really mattered (i.e., before a claim). Fix it and move on.

Dan

 

[Milkman1265]

ah i see, guess i am ultimately wrong.

my mistake for not doing due diligent, sometimes its hard when submitting applications and emails and service.

i endorsed it for them and calling insured to advise them of the situation, hopefully they are not too angry.

dont even know why i pulled up this policy, i was like hmm let me read this carriers iso form so i can be an expert on this carrier and immediately saw the missing coverage

 

[djs]

Oh, I've been there.
This is why wholesalers are harder to deal with. Its easier to prevent this type of issue when you do it yourself, but with a wholesaler involved, everything is harder.

The wholesaler is in the same position you are though. The carrier isn't going to just eat the extra premium, they want to bill the wholesaler, who wants to bill you or the client.

Dan

 

[Milkman1265]

yeah, i really want more direct lines, or even just direct access to quoting and binding.

biggest problems i have is with my wholesaler, and other retail brokerage deals is the service. I hate it so much, whenever i need something done, 1. either their slow and its not their priority or 2. they forget and i keep chasing. Some wholesaler wont even give me the time of the day on the phone lol.

I worked out a deal with a third party retail for auto and then he sells the book of business and then the new guy wont give me my renewals or service my clients. I ended up having to replace them one by one.

Cant wait till i'm all direct appointed

 

[Soaringagent]

Have you seen Anderson and Murison - they are a great wholesaler and have some nice self serve options

 

[Milkman1265]

A&M, i signed up with them but i never used them.... i didn't even know they had a self serve area for PL. this is great. thanks for the heads up. I will see if my contract is still in effect, which i believe it is..

haha i jsut remembered, their not in my area. nevermind