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The deck on the Silverman's house collapsed in 2002. Unfortunately, 16 people were on it at the time and many of them sued the Silverman's for their injuries.
The Silverman's had worked with York-Jersey Underwriters to place coverage on the house since they purchased it from their mother's estate in 1992. They notified York of the loss and were shocked when they were informed that there was no liability coverage on the house because it had been removed in 1997 when the property coverage was moved to the FAIR plan.
Myron Silverman signed an application every year that specifically stated that there was no liability coverage. However, he argued that he never read the details of the application and stated that he simply signed it and sent in the money.
Click here to find out how the court ruled. |
Is the FAIR Plan really fair? |
Fair Access to Insurance Requirements (FAIR) plans are the market of last resort for many homeowners. They were initially designed to provide insurance coverage in urban areas where responsible homeowners were denied coverage only because of the exposures that surrounded them. Demand for these plans has decreased as insurance companies have become more interested in providing coverage on urban properties, but a different type of demand has replaced it.
Click here for a 2008 Rough Notes Magazine article "State-run FAIR plans experience explosive growth". |
Has handling your renewals become routine? |
Renewals are an excellent time to reconnect with your customers. A lot of living takes place and many changes can occur in 365 days and your customer may have married, divorced, had children, changed jobs, retired or taken up skydiving! Any of these events changes insurance needs and you are just the person who can help!
Click here for a letter you may want to consider mailing or emailing. |
Are you better at handling your commercial risks? |
The economy is causing severe hardships for every business. This is a time when a business may decide to radically change its operations. It may expand into new areas in order to diversify and limit its chance of failure. Another may begin using leased employees or subcontractors. Still others may merge or acquire other operations. No, renewals this year will be far from routine!
Perhaps this is the year that, as a minimum, you get an updated Producer's Commercial Lines Risk Evaluation System Questionnaire for each of your commercial clients. If you do not get the entire questionnaire, try to at least update the general information questionnaire.
Click here for a generic Producer's Commercial Lines Risk Evaluation System General Information Questionnaire. |
Recent Producer Online updates |
Court cases are one of the most popular sections of PF&M and we want it to be as useful to you as possible. When you review this month's court cases, please pay attention to the boxes in the upper left hand corner. This tells you that this case can be used for an example for homeowners, professional negligence or FAIR plan coverages.
These boxes are being added to all new court cases, starting with the September update. We will also add them to our older cases as they are reviewed. |
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Have you found what you need in the Producer OnLine? Is there a classification
to add to the Producer's Commercial Lines Risk Evaluation System or a subject that you would like to see covered in PF&M? Contact us now. |
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