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Five of the most common mistakes when placing commercial lines insurance and how to avoid them.

May 01, 2017 (0) comment

As wholesale insurance brokers, we take risk seriously. Part of this responsibility includes staying educated and informed, not only on the insurance products we offer, but on ways that we can help insurance professionals minimize errors or risk for their insureds when they come to us looking for a quote.

As we begin to receive more inquiries for Commercial GL policies, we thought we’d share the following excerpt from a recent publication by IRMI Insights, which listed 101 Common Commercial Lines Coverage Gaps to Avoid.

The following list represents some of the most common—and career-limiting —mistakes that are made when placing commercial lines insurance:

  1. Relying on commercial general liability fire legal liability coverage to insure leased premises when commercial property insurance is needed to satisfy the obligations in the lease.
  2. The lack of an employee benefits liability endorsement in the commercial general liability policy (or coverage in a separate fiduciary liability policy).
  3. Inattention to retroactive date and extended reporting period on claims-made coverage endorsements attached to occurrence trigger commercial general liability policies (e.g., employee benefits liability).
  4. Failing to provide additional insured status as required by contract.
  5. Lack of coverage, or inadequate coverage, for joint ventures and newly acquired companies.

Our knowledge and experience ensures that our brokers can help insurance professionals ask the right questions of their clients, and help them avoid these mistakes. If you’d like to learn more about how we can craft a customized Commercial Liability Policy for your client, simply email or call DeCotis Specialty Insurance to begin a conversation.

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