LRingeisen
Well Known Member
The last thing anyone wants is an unwanted surprise especially in an already stressful time. In the event of a claim, wouldn’t it be more comforting to have a brief understanding of your policy or at least know for sure that your coverages are the same as what you requested. Your renewal is the best time to look your policy over to make sure it is what you wanted. It’s also a good idea to double check any changes you have throughout the term when you receive the cooresponding endorsement page.
We understand that the policies can be extremely long and full of legal wording but even a quick skim of the bulletpoints might bring something to your attention that you may want to know more about. For example, did you know most companies will only short-rate you if you cancel early? That means there is typically a of 10% penalty of the unused premium. You might also come across some good news like coverage for flying a non-owned aircraft that extends from your policy. If you find something and have questions about it, your broker should be able to help you. If they don’t know the answer, they should be happy to find out for you because it’s a win-win for both of us as the broker gets to learn something new.
If you choose not to read/skim through the policy, the most important thing to look over is the coverage summary or delclaration page. Once we receive a policy, Gallagher looks over this page to make sure we have bound what the insured requested. This also helps to find mistakes possibly made by the insurance company when binding. We’re all human so mistakes happen and so does miscommunication whether that be between client and broker or broker and company. We just want to make sure everything is as accurate as possible prior to having an incident and finding out something’s not correct.
*Please keep in mind this is an informative post to help educate and explain different aspects of the insurance field. If you have any questions about the above post, you can always reach out to your broker for answers.
We understand that the policies can be extremely long and full of legal wording but even a quick skim of the bulletpoints might bring something to your attention that you may want to know more about. For example, did you know most companies will only short-rate you if you cancel early? That means there is typically a of 10% penalty of the unused premium. You might also come across some good news like coverage for flying a non-owned aircraft that extends from your policy. If you find something and have questions about it, your broker should be able to help you. If they don’t know the answer, they should be happy to find out for you because it’s a win-win for both of us as the broker gets to learn something new.
If you choose not to read/skim through the policy, the most important thing to look over is the coverage summary or delclaration page. Once we receive a policy, Gallagher looks over this page to make sure we have bound what the insured requested. This also helps to find mistakes possibly made by the insurance company when binding. We’re all human so mistakes happen and so does miscommunication whether that be between client and broker or broker and company. We just want to make sure everything is as accurate as possible prior to having an incident and finding out something’s not correct.
*Please keep in mind this is an informative post to help educate and explain different aspects of the insurance field. If you have any questions about the above post, you can always reach out to your broker for answers.
