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 Posted: Wed Aug 13, 2008 10:22 pm Post subject: Hello, looking for a form |
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| Hello, looking for a form to use to send to clients regarding advising them to notify insurance if there have been any upgrades to their home. |
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Brigitte
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Joined: 13 Aug 2008
Posts: 1
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| Posted: Thu Aug 14, 2008 7:35 am Post subject: |
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Hi Brigitte, I'm not sure if there is any standard form available for the insurers to send to the policy holders regarding their home upgrades. However, it should remain on the priority list of the insured to inform the insurance company as and when he makes improvements in his house.
I think awareness amongst the consumers can be the solution of this problem. The insurers are required to inform their customers that the policy will not cover the loss of any portion of the property which was not reported to them by the homeowner. |
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JeremyHolter
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Joined: 06 Jun 2007
Posts: 1194
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| Posted: Thu Aug 14, 2008 8:46 am Post subject: |
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Hello, IMO the form may ask the following disclosuer from the insured....
- Name and policy details of the homeowner
- description of the upgrades done
- approximate value of the total work done
- whether the improvements done indoor or outdoor
- whether home appraisal is done after the upgrades are done or not
- whether or not the policy holder likes to re-estimate his policy limits after the appraisal
Well, that's all I can think of. lets see what the other members have to say in this regards. |
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jeorge
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Joined: 07 Oct 2005
Posts: 808
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| Posted: Thu Aug 14, 2008 8:58 am Post subject: |
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The second what Jeremy has said regarding spreading awareness amongst the customers. This is an important but thoroughly neglected side of the insurance business.
Often we find the clients complaining on issues that they have overlooked themselves, like- paying the premium on time, informing the insurance company about their change in addresses or about the improvements done on their household. Normally they buy a policy and leave it for the good thinking that the losses will be covered since they have paid for it.
We are required to enlighten them on their responsibilities as a policy holder to enjoy safe and covered life.
Regards,
Juanita |
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Juanita
Moderator
Joined: 04 May 2007
Posts: 735
Location: Idaho
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| Posted: Thu Aug 14, 2008 3:59 pm Post subject: same |
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This is true however as you all know, an E & O is still very possible on the agent if the policy does not have proper coverage therefore some type of annual review of the policy should be done. I was just wondering if anyone had a cheat sheet of sorts that they send out to their clients. thank you!
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Brigitte1
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| Posted: Fri Aug 15, 2008 9:42 am Post subject: |
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I agree with you Brigitte that E&O can affect the business of an agent. Hope some seasoned agent in this line can offer you the necessary help.
However, professionals are often known to carry what called the Error and Omission insurance to cover their necks from professional maladies. This insurance is also called the professional liability insurance. You may think of getting yourself covered with the professional liability insurance to avoid future troubles.
BTW, please log-in to post in the future. It'll help the other members to find you easily in the board.
~ Jeremy |
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JeremyHolter
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Joined: 06 Jun 2007
Posts: 1194
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