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Started By
Message
Commercial insurance / legal question
Posted on 9/16/14 at 8:59 pm
Posted on 9/16/14 at 8:59 pm
One company I own has been in business for over ten years. The annual insurance renewal was in July. I've done this a few times and it's pretty routine. The agent got quotes from three different GL carriers and I pick the best one and write a check for the down payment then set up the rest for auto withdrawal. All was good until a month and a half after renewal when I get an email saying GL will not release the policy until it receives financials, resumes and a signed application(details that were not disclosed to me until now). I take that as I don't have insurance but my agent says I do because I have a binder. The binder expired a month after renewal yet agent says I'm covered through September. Do I need to stop all work? I think my agent has left me exposed.
Also the request by the GL seems ridiculous since I am not getting a bond and I have been in business for ten years.
Also the request by the GL seems ridiculous since I am not getting a bond and I have been in business for ten years.
9
Posted on 9/16/14 at 9:14 pm to Placebeaux
Tell agent to put in writing that you are covered through Sept. and fax to you with copy of his E&O coverage dec sheet and you are good to go thru Sept.
Posted on 9/16/14 at 9:23 pm to Placebeaux
Unless your agent has something in writing stating coverage is still in effect, you are bare. Most, but not all binders list out the contingencies and a time frame for receiving them so read over everything closely.
It sounds like your agent isn't very familiar with that carrier or he just dropped the ball.
It sounds like your agent isn't very familiar with that carrier or he just dropped the ball.
Posted on 9/16/14 at 9:30 pm to Placebeaux
You're good
Posted on 9/16/14 at 9:35 pm to sleepytime
Another thing, I put 5000 down and have paid another 2000 since renewal. I'm not releasing financials and I damn sure shouldn't have to provide a resume. I want a new GL or my money back and go find a new agent. Current agent says my money is not refundable but hell if they can't send customers a copy of my policy and GL says they don't have a signed app, what did I buy?
Posted on 9/16/14 at 9:39 pm to Placebeaux
Something is not making sense here.
What kind of business is it?
What kind of business is it?
Posted on 9/16/14 at 9:41 pm to N2cars
Oilfield services. Vac trucks, Welders, roustabouts.
Posted on 9/16/14 at 9:42 pm to Placebeaux
Agent told you have insurance. If something happens, he has errors and omissions insurance.
Posted on 9/16/14 at 9:47 pm to Love me some Les
The GL terms. Shouldn't that have been disclosed at or before the renewal?
Posted on 9/16/14 at 9:52 pm to Placebeaux
Ok, so high risk.
I know that insurance companies are looking harder and harder at risk. The past two years that we've renewed (in business 17 yrs) they ask more and more questions.
It is a PITA. They may be asking for financials to see if you're a borderline credit risk. They know that companies with poor credit will have more claims. This is also the case with individuals.
I know that insurance companies are looking harder and harder at risk. The past two years that we've renewed (in business 17 yrs) they ask more and more questions.
It is a PITA. They may be asking for financials to see if you're a borderline credit risk. They know that companies with poor credit will have more claims. This is also the case with individuals.
This post was edited on 9/16/14 at 9:53 pm
Posted on 9/16/14 at 9:54 pm to Placebeaux
so they don't have a signed app from you? Have you had a lot of claims lately?
This post was edited on 9/16/14 at 9:55 pm
Posted on 9/16/14 at 9:57 pm to N2cars
They have our loss runs. We have no claims. Credit is not an issue.
Posted on 9/16/14 at 10:03 pm to Placebeaux
What kind of businesses do you have? How much do you make?
Posted on 9/16/14 at 10:06 pm to Placebeaux
Yeah, we didn't have any claims.
I had to fill out a 12 page app this year. We had problems even finding companies to give us a quote.
It is a crock of crap.
I had to fill out a 12 page app this year. We had problems even finding companies to give us a quote.
It is a crock of crap.
Posted on 9/16/14 at 10:11 pm to N2cars
May be time to find a new broker.
Posted on 9/16/14 at 11:55 pm to Placebeaux
Posted on 9/17/14 at 4:05 am to soccerfüt
I am not your lawyer. This is a general comment to a general question. Get your own lawyer and rely on that lawyer's advice. Don't rely on mine.
If it were me, I'd unfrick it with the insurer as quickly as possible. My guess is you are bare in these circumstances, and you might be in breach of whatever MSAs you have with your customers. I'd also be having a serious talk with my agent about why this problem came up so late in the process.
If it were me, I'd unfrick it with the insurer as quickly as possible. My guess is you are bare in these circumstances, and you might be in breach of whatever MSAs you have with your customers. I'd also be having a serious talk with my agent about why this problem came up so late in the process.
This post was edited on 9/17/14 at 4:06 am
Posted on 9/17/14 at 7:13 am to Placebeaux
I've had to do this for some of my contractors. I'm betting it was on your quote. Just get it to the agent. Your financials being revealed is not going to jeopardize anything for your company
Your feelings are understandable but it'd becoming more common
quote:
Also the request by the GL seems ridiculous since I am not getting a bond and I have been in business for ten years.
Your feelings are understandable but it'd becoming more common
This post was edited on 9/17/14 at 7:21 am
Posted on 9/17/14 at 7:19 am to Chad504boy
I'm not giving them my financials. We're a private company.
Posted on 9/17/14 at 7:22 am to Placebeaux
I'm sure you've been audited every year, what's the difference?
This post was edited on 9/17/14 at 7:23 am
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