March is Ethics Awareness Month in the insurance industry, so here’s a question: Is selling a business an insurance policy that really doesn’t cover their business activities illegal, unethical, neither, or both?
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Is it time to re-visit the methodology used by agents to determine replacement costs and/or re-construction costs? How confident are you that the real property replacement values that you develop are sufficient to either replace or rebuild? If a natural catastrophe hit your community, would you have the same confidence in your replacement or rebuild figures?
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The government and media focus on the COVID pandemic has largely centered around vaccination. Very little has been said about other risk management techniques, especially the concept of loss prevention vs. loss reduction. So what does this have to do with the insurance industry? Likewise, what does it have to do with chicken soup?
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For a number of years, issues involving certificates of insurance seemed to have calmed down. But that may be changing as a new generation of COI requestors begin to make outrageous and onerous requests of agents. But in most states, agents have a way out if they know where to look.
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Your insured asks, “If I do ‘X’, am I legally liable?” Or, “If ‘this’ happens, am I legally liable?” How do you respond to such questions from your customers? Do you simply refer them to an attorney or do you provide some guidance with the caveat that you’re not an attorney and not providing legal advice?
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An insurer makes a unilateral change in policy coverage, adding a named insured, based on “publicly available” information. Is this legal or appropriate? What about erroneous “public” information (aka “big data”) the insurer uses for coverage or rating purposes without confirmation by the insured, e.g., household residents, dwelling square footage, incorrect credit information, etc.
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If you’re an insurance professional, do you ever notice insurance advertisements that are factually incorrect, especially with regard to coverage under a particular insurance policy? Recently, I was compelled to write at least my third article on this subject. Insurers, please involve your claims departments in vetting your advertisements.
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Are you increasingly encountering online digital certificate of insurance verification or tracking systems? If so, are you aware of the potential liability issues involved in the use of these systems? This article identifies things to be wary of, especially if the vendor wants YOU to fund the system.
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