What a good insurance agency does if they cancel your insurance
Having your insurance policy retracted by an insurer is something any individual or business owner is reluctant to even think about. However, the fact is that these things can and can happen to any person or institution.
When a policy is canceled, it is likely to happen suddenly and unexpectedly. The sudden lack of coverage, of course, has serious repercussions. Naturally, an immediate solution will not always result in the best solution.
Here’s a genuine episode of an insurance policy that was terminated without notice, but ended with a happy resolution thanks to the expertise of an experienced agency.
As told by the insurance specialist in the agency’s commercial lines department:
Not long ago, the agency broker who attended received a phone call from a commercial office building.
“I need a good insurance plan for my new building,” he said.
All the factors about the property told the agent that this would be a simple transaction. With a new building made entirely of steel and concrete, there was no indication that difficulties would arise.
After an insurance search, a tailored policy was purchased at a good price. After a preliminary inspection by the insurance company, the go-ahead was given and the comprehensive policy was consolidated at a good price: $ 12,000 a year for coverage of $ 11 million.
Suddenly, the insurance company told the service agency that a sprinkler inspection of the building was necessary. When the commercial property sprinkler inspector examined the condition of the sprinkler system, he noticed that there were four decorative panels on the exterior walls that did not meet his company’s criteria for non-combustible materials.
With the office building downgraded to frame structure insurance class, the insurance company abruptly rescinded the old office building policy.
The distraught owner of the office building was told that the agency’s business lines specialist would purchase the provider network for him.
And he did, actually quite successfully.
The runner went to work immediately. She negotiated with another insurance company that had initially awarded a slightly higher rate than the consolidated one and presented a tailored policy for the office building owner that included even more comprehensive coverage along with a cheaper premium than the canceled policy.
You can guess the epilogue to this story. There was an extremely satisfied client due to the agency’s tireless efforts to find a winning conclusion.
