who should review my policy, me or my agent?

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PostPosted: Sat Jan 08, 2011 9:33 pm   Post subject: who should review my policy, me or my agent?  

I just received a letter from my agent. It says I should review my insurance policies. Isn’t that his job?


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PostPosted: Sat Jan 08, 2011 9:34 pm   Post subject:   

Things could have changed in your business that your agent is not aware of. For example, you could have purchased additional equipment, brought on new employees, taken on new ventures and so on.



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PostPosted: Fri Jan 14, 2011 11:25 pm   Post subject:   

You should always read your policy. Your agent is there to interpret the coverage, and make recommendations. Do you want to leave what could be the future viability of your company at the hands of someone else? It is important for a business owner to understand their exposures, and where they are protected. You're agent is there to help. It is easier to resolve an issue when being proactive rather than reactive, especially w/ insurance.

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PostPosted: Thu Mar 03, 2011 7:00 am   Post subject:   

It is important to be aware of all the changes that has taken place, it is our duty to review all the policies, because you can handle that more perfectly instead of relay on the agent.



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PostPosted: Wed Mar 30, 2011 7:51 am   Post subject:   

Hi,



Ya i agree with you all. Before consulting anyone you should first go through your insurance policy. It will help you while making claims for your loss or damage. But that doesn't mean that you should not consult any insurance professionals or to be more precise a loss assessors.



You alone cannot get through your claim.

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PostPosted: Sat Apr 09, 2011 6:30 am   Post subject:   

I think you should review your policy personally. The reason could be either their is some changes introduced in the policy or may be he have noticed some thing which you might have voided and so he is asking you to review it.



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PostPosted: Tue Apr 19, 2011 1:07 pm   Post subject:   

The contract of insurance is between the INSURED and the INSURANCE COMPANY. The agent is of little consequence, unless the insured can demonstrate that the agent provided the wrong product or misrepresented the coverage.



It is ALWAYS the insured's responsibility to know what is or is not covered -- by reading the contract -- and to not simply rely on the words of the agent, which are sometimes wrong (unintentionally or intentionally). Contrary to one post above, agents do not INTERPRET policies. Courts interpret policies.



Agents market insurance products. For the most part, they evaluate a person's needs and recommend products to meet those needs. Regardless, it is the insured's responsibility to know and understand what is covered, not the agent's (agents are expected to know it, but not responsible for the insured's decision to keep the coverage). If the insured doesn't like the coverage, he has a short "free look period" in which to decide to keep it or return it for a full refund. He could use that short period of time to seek an insurance attorney to advise him whether or not the coverage was correct.



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