- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Question about General Commercial Liability Insurance
Posted on 7/11/17 at 5:57 pm
Posted on 7/11/17 at 5:57 pm
This is probably the dumbest thing I've ever posted on here, which means it's really dumb, but...
A dude today suggested that my company "change the notice period for cancellation" on our general commercial insurance policy."
I mean, an insurance policy is a contract. Contracts are negotiated, but why would an insurance carrier just change the notice period for cancellation?
Also, without me going and reading the policy, which I guess I'll eventually have to do, even if you give notice, don't you have to pay some sort of penalty for early termination (even if you give the required notice)?
A dude today suggested that my company "change the notice period for cancellation" on our general commercial insurance policy."
I mean, an insurance policy is a contract. Contracts are negotiated, but why would an insurance carrier just change the notice period for cancellation?
Also, without me going and reading the policy, which I guess I'll eventually have to do, even if you give notice, don't you have to pay some sort of penalty for early termination (even if you give the required notice)?
This post was edited on 7/11/17 at 5:59 pm
8
Posted on 7/11/17 at 6:11 pm to baybeefeetz
Policy holder can cancel the policy at any time, but there could be early termination penalties. If the carrier is the one cancelling the policy, there's legal requirements as to when they can cancel and how much notice must be given
Posted on 7/11/17 at 7:11 pm to Tiger Prawn
I just looked at the policy. There is no notice period for cancellation by the insured.
Posted on 7/11/17 at 7:35 pm to baybeefeetz
quote:
A dude today suggested that my company "change the notice period for cancellation" on our general commercial insurance policy."
Is this dude a certificate holder?
Posted on 7/11/17 at 7:48 pm to Chad504boy
No. He's a chooch.
Posted on 7/11/17 at 8:28 pm to baybeefeetz
quote:Who's this "dude"?
A dude today suggested
There's "The Dude"* and if that's who you're talking about, I'd listen to him.
Otherwise, how about you consult with an Insurance professional?
*
Posted on 7/11/17 at 8:51 pm to baybeefeetz
It's usually a 25% MIP (minimum earned premium) meaning you can cancel 1/3-3/4 through the contract without penalty.
Posted on 7/11/17 at 9:02 pm to baybeefeetz
quote:
"change the notice period for cancellation" on our general commercial insurance policy."
Generally, the contracts (master service agreements or purchase orders) that are in effect with your customers require that your insurance carrier provide written notification a certain minimum number of days prior to cancellation of a policy. 30 days is standard in most cases. I would think this is what he is referring to.
Your agent should be able to direct you on this.
Posted on 7/11/17 at 9:33 pm to poule deau
nah, mane. he is talking about reducing the period of time we have to give. it's dumb, and he is out of his element.
Posted on 7/11/17 at 10:26 pm to baybeefeetz
quote:
A dude
Sounds like a troublemaker, like his criminal cousins Dis Dude and Sum Dude.
Posted on 7/12/17 at 7:22 am to baybeefeetz
if the "dude" is the certificate holder and you are listing him on the Accord Certificate of Insurance, his policy might be a 30 day notice of cancellation. This is pretty standard with our service contracts with most of the paper mills and quarries my company does industrial maintenance for during shutdowns.
Posted on 7/12/17 at 7:52 am to baybeefeetz
Is the "dude" a certificate holder of yours? If so, he's asking for your carrier to give him more advance notice if they cancel YOU. 30 is standard. The carriers I've worked for won't provide more than that.
If that's not what he's talking about, chances are this guy doesn't know shite about insurance and is talking out his arse. In that case, ignore him.
If that's not what he's talking about, chances are this guy doesn't know shite about insurance and is talking out his arse. In that case, ignore him.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News