The Savvy Businessperson's Guide To Property & Casualty Insurance Applications and Practices

In my nearly forty years in the insurance profession, I have noticed those insureds who are given a basic knowledge of the options which are being offered to them, as well as explanations of their existing coverage, are the clients which an agency will retain for a number of years. This Guide does not provide each and every coverage issue nor is it to be utilized as a replacement in reviewing your own policies. Instead it is hoped that the information contained herein will assist you when reviewing the insurance programs which may be offered to you by your agent or insurance company. The insurance industry changes yearly, but by being provided the basics and a firm coverage understanding, you may be not only protect your business by being assured your business is insured appropriately but the benefit may be fundamental in providing changes which may be required by members of the public. I have been very fortunate in my career to have worked for numerous agencies and two insurers, managing the difficulties associated with soft and hard markets and the ability to have mastered solutions for unique territorial problems associated with the East and West coasts as well as those of the Midwest. In my passion to continually educate myself in an industry I love, I have had the opportunity to extend my knowledge to not only a few segments of the insurance industry but to all areas of property and casualty insurance. I began my career at a time where one had opportunities to learn if one was willing and able to extend themselves by self-study and experience. With the lack of college level insurance education and the fact that even with education through the many programs offered through the American Institute for Property and Liability Underwriters, Inc. and other insurance schools, a graduate must still work their way up the ladder. This does not usually entice a graduate to enter into the insurance industry when many other vocations offer higher scales of remuneration than the insurance industry does for a beginner. Not only are their fewer experts as the baby boomers begin to retire (These baby boomers began their careers prior to the many changes brought forth to the industry, and managed to stay ahead of any changes which may be implemented) but many agencies and companies now train their employees to know only a certain segment of each form of insurance. Instead, form letters and proposals are designed for use by all concerned without thought of the coverage issues and terms surrounding them. Raters no longer are trained in underwriting; Account managers and technical assistants likewise may handle only one segment of a business and be unable to recognize other areas where an exposure may exist. For a greater part, these changes have been instituted due to the litigious state of the industry of insurance. Today agents and companies are fearful of even providing insureds with summaries of insurance by reason that in the event of a typographical error, they will be taken to court. Yet without attorneys the industry would not be able to protect itself, nor would you.