Regarding the contents issue; I support the use of quantifiable data leading to appropriate insurance levels and pricing. However, I do not readily support the use of “mysterious-proprietary” formulas dictated for use on my clients.
Regarding the claims issue, carriers already have means for requesting proof of ownership on claims, theft or otherwise. I am absolutely not in favor of treating our clients like thieves.
Having been in the business over 30 years, it is my experience most people are inherently honest, even to their own detriment. Many times clients refuse to claim item(s) just because the items are low value and used; despite the fact they’re entitled to replacement cost of the item(s). Many also refuse to submit for additional payment when actual replacement cost was higher than expected. Several times, I’ve had claims closed because the Insured found the lost item, even after settlement and claim checks returned.
If there is genuine cause for concern, carriers are fully able to employ appropriate measures.
Creating more hoops for our clients to jump through during an already difficult time is not the answer.
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Regarding the contents issue; I support the use of quantifiable data leading to appropriate insurance levels and pricing. However, I do not readily support the use of “mysterious-proprietary” formulas dictated for use on my clients.
Regarding the claims issue, carriers already have means for requesting proof of ownership on claims, theft or otherwise. I am absolutely not in favor of treating our clients like thieves.
Having been in the business over 30 years, it is my experience most people are inherently honest, even to their own detriment. Many times clients refuse to claim item(s) just because the items are low value and used; despite the fact they’re entitled to replacement cost of the item(s). Many also refuse to submit for additional payment when actual replacement cost was higher than expected. Several times, I’ve had claims closed because the Insured found the lost item, even after settlement and claim checks returned.
If there is genuine cause for concern, carriers are fully able to employ appropriate measures.
Creating more hoops for our clients to jump through during an already difficult time is not the answer.
Live and work well.
I agree with Irene Ochoah…after being in the business 25 years I find the same.
I agree as well – insurance premiums should be decided based on local and national statistics.