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Thinking While Running: “Unimportant” Insurance


Huffing and puffing away on the treadmill one night last week, I was watching the news. Typically, I’m a radio junkie, but there is something about watching the news while I run that distracts me from…well… running. I digress…  

As the commentators debated the high price of covering the uninsured, I started to wonder how many individuals might be forgoing other “unimportant” insurance coverage in an attempt to save money. (See how this works in my favor – my mind wonders – I keep running.)

To many households, the liability coverage afforded by a Personal Umbrella Policy is seen as an EXTRA – not a necessity. Of course, as agents know “when the dog bites or the bee sings”, an umbrella can be a great cushion for a family of any means.

This brings up two really great questions.

  1. What type of conversation do you have when an insured wants to reduce their liability limits or forgo umbrella coverage?
  2. Are you protecting your E&O by getting a sign off that indicates the insured’s refusal of coverage?

 The Number One Agency has long offered the RLI Personal Umbrella program for Massachusetts insureds.  However, we also provide a simple sign off sheet that you can download and tweak to your agency’s specifications.

Using this sign off, or one like it, when an insured declines coverage is both a protection for the agency and a marketing tool. It not only puts the insureds decision in writing, it forces the account manager to discuss the importance of higher limits and the reasons why an umbrella is more than simply extra premium dollars.

 Does your agency use sign-offs for personal  and commercial clients?

One Comment leave one →
  1. 09/29/2009 2:51 pm

    Just a few words about MAIA’s new blog. We’re very excited about entering the social media world. To be honest, I came along kicking and screaming. But now that our blog “Property & Casualty Speaking” is up and operating, I’m looking forward to a vibrant exchange of ideas among MAIA members, our staff and maybe others in the industry and the public.

    Melissa Murphy, an MAIA staff member in the Number One Insurance Agency, has taken the lead in our entry into the social media world. Without Melissa’s foresight and effort, MAIA would still be the leader in sending you “snail mail”. We are very proud of Melissa’s efforts and hope to have other MAIA staffers sharing their thoughts on our blog as well. Thanks Melissa.

    Now it’s up to MAIA members and others who are interested in a dialogue about the insurance issues of the day – and there are plenty of them – or other matters on your mind. Let’s hear from you. You can respond to something you’ve read on our blog or start you own topic. I plan to do so soon. Please join us. Thanks.

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