Take care on reducing coverages
As the team at PolicyComparison.com go through new policies and update, they bring to my attention any changes that gives them concern.
What is being noticed is, at the same time rates are increasing in many classes of general insurance, some new and/or broader in their effect exclusions are being introduced and that these could easily be missed.
One such change has been the introduction of a sexual molestation exclusion in a Medical Malpractice policy. This could leave an Insured and their broker exposed if the change was not first identified and then communicated to the Insured.
I therefore continue to urge brokers to use LMI PolicyComparison.com each and every renewal and when you quote new business, run your eye over the report. It saves you heaps of time and protects your client and your own professional indemnity exposure.
The same goes if you hear of a new policy. LMI PolicyComparison.com hold a comparison on the site between the old and new policies for a minimum of 3 months and we highlight the areas of change. Another time saving benefit of the service.
Finally the team produce a list of changed policies every month so you can keep abreast of the changes in the market. Typically, this runs at over 1,000 policies a year. If you are not on the mailing list for the LMI PolicyComparison.com update please let me know and I will have you added immediately.