国产一福利

Notifying Umbrella Carriers of Potential Claims. Every reader likely knows the importance of notifying an excess/umbrella carrier of potential claims in a timely manner. When the excess/umbrella carrier is the same carrier providing underlying coverage, this is not an issue. When different carriers are involved, the agency does need to take that extra notification step. 国产一福利ally this was not a problem. The agency received the notice and knew automatically to notify. However, an unintended consequence of automation and direct claim reporting may be that agencies do not know all their insureds’ claims. The result could then be that an insured has a large claim with potential to involve the excess/umbrella carrier and no one notifies that carrier.

It is important then that agencies make sure they get notified of all underlying claims. I have found some agencies are not getting these notices because they have not chosen the correct report setting. In other words, on the agency’s profile with its carriers, the agency can choose different settings for receiving reports. Be sure to choose the setting that provides notification of all claims daily.

If this option does not exist, the agency may then want to discuss the situation with its carrier(s) to identify another solution. Do not take notification for granted either. Checking whether the agency is receiving notification quickly is a worthwhile endeavor with each applicable carrier.

Topics Carriers