Be Properly Insured: Insurance Fundamentals
At Morison Insurance we want to make sure you are protected and we will try to save you money any time we can. When we are aware of happenings, we will recommend and quote additional coverage's to ensure proper limits are in place for each individual client’s situation. When we are not aware of life changes – such as a new driver in the family or a renovation – please share these details with us. Sharing is good. It can mean the difference between being properly insured and not.
Here are a few possible examples that could have made a difference:
Example #1
During a discussion between a broker and a client about the client’s upcoming move, the broker recommends that in the event of a claim, such as theft and mysterious disappearance, the client would only have a $6,000 limit for her jewelry. The client said she would think about it. In the meantime the client discovers in the move that her jewelry was missing and she has a claim for $12,000 worth of jewelry items. The insurance coverage limit is for $6,000. Clearly, it would have been better to schedule the items and increase the limits and be covered for the full $12,000 worth of jewelry.
Example #2
Should you carry a $2 million liability limit on your auto insurance? We recommend $2 million as often the standard $1 million does not provide sufficient coverage. In this example, a client had a little ‘fender bender’ and ends up being sued for $2 million. Unfortunately the existing coverage at the time of the loss was $1 million liability. The customer now has to retain his own lawyer to represent him in the claim for the remaining $1 million.
Example #3
An insured does not advise their broker that their son has received his full G license until 18 months after the teen obtained his G license. As a result the customer was not able to save with the graduated licensing auto insurance discount – how much - as it can only be applied for the first 12 months of driving.
When life changes or when you receive your renewal documents, please call our Morison Insurance brokers to review your options to be properly insured. We want to save you money and make sure you are protected every step of the way.
This blog is provided for information only and is not a substitute for professional advice. Please call our Morison Insurance brokers at 1-800-463-8074 for more information.
