Not All Insurance Agents Are Created Equal

Agents have fiduciary duties to their clients requiring the agent to collect all relevant details of the risk to be insured. That involves asking several questions as to the characteristics of the risk which the insured wants to place insurance against. All the collected information needs to be translated to the underwriter of the carrier which the agent wishes to quote/place the policy so the underwriter can appropriately approve and bind coverage.

Follow this link to read the entire article published on Ezinearticles.com

The article was spawned out of a request to quote event insurance which was already submitted by another local agent to a wholesale broker he and I happen to have in common. We found out that the other broker was not asking all the appropriate questions regarding the insureds operatoins. When we discovered material facts that could effect the covered needed, the insured felt we were only trying to make the other broker look incompetent. That was not the case. We only wanted to make sure the insured was receiving adequate coverage to meet his risk.

Merry Christmas.