Please take the advice of 30 year veteran. Develop a \”named perils\” policy that lists what is covered. Include a statement that anything not expressly included as a cause of loss is not covered. Include definitions that a jury of pre-schoolers can understand.
Offer an endorsement that offers more perils for an additional premium.
If you need an example, look at the 1949 New York State fire policy.
Before you finalize your policy language, seriously ask for feedback from insurance industry trade associations, like the Big I and PCI.
The agent who wins the business is still the agent who offers the most stripped down quote. Most consumers are not comparing limits, just dollar amounts.
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Dear Advisory Committee members:
Please take the advice of 30 year veteran. Develop a \”named perils\” policy that lists what is covered. Include a statement that anything not expressly included as a cause of loss is not covered. Include definitions that a jury of pre-schoolers can understand.
Offer an endorsement that offers more perils for an additional premium.
If you need an example, look at the 1949 New York State fire policy.
Before you finalize your policy language, seriously ask for feedback from insurance industry trade associations, like the Big I and PCI.
The agent who wins the business is still the agent who offers the most stripped down quote. Most consumers are not comparing limits, just dollar amounts.