Insurance Review Delivered Insurance review delivered ExpectationsRemember, you’re an insurance expert and a checkpoint. The responsibility falls on you to review policies and to correct any mistakes you find. Never assume that policies are accurate just because they were written by previous agents, and never rely on Team Paradise’s recommendations as they’re not experts like you are. You must ALWAYS read all notes & details in the review to be sure you’re not missing important details. These reviews are passed through many hands and key details must not be missed. InstructionsUse this form as a resource to help you complete a thorough requote requests. There are way too many details to try to remember, so always use this to be sure you’re checking all the boxes. Use this before, during, and complete it after you finish the delivery. Date MM slash DD slash YYYY Your nameName of clientHow did you present the insurance review to the client?Maybe you created a Loom video and emailed it to them, maybe you had a conversation on the phone….just type the details here of what you did.Which policies did you review with the client? HO3 Auto HO4 DP3 HO6 Landlord Condo Umbrella RV/Camper/Trailer Motorcycle/Boat/ATV/E-Bike Jewelry/SPP If there are policies that the client has that you didn't review, what policies are they and why didn't they get included?MONOLINE CLIENT ALERT! Did you try VERY HARD to convince them to allow us to look at their other policy? Tell me details here.It is EASY to convince people to allow us to look at BOTH policies….if we explain it correctly. It benefits them SO MUCH to allow us to try to bundle home and auto together!Look at the notes section in the insurance review form. What were some specific instructions/requests that they had? Did you take care of them?You absolutely need to review all the notes in the quote form and in the notes/tasks in AZ. These leads are passing through many hands and crucial details is being communicated in all of these areas. There may be changes that needed to be made to their existing polices. Verify if these have been done and if not, it needs to be reviewed with the client. Did you do this?Be very careful whenever you’re making changes to existing policies. If you’re not confident in what you’re doing, ask for help. If it feels complex, send the policy change requests to service and they’ll do it properly. IF YOU DO MAKE A CHANGE, you must ALWAYS make an AMS activity with what you did and attach the updated email/policy that you sent to the client. Was it a NBO or did you recommend that they change companies or both? It was a solid No Better Option I recommend that we change them to a new company A combination of NBO and recommendation that we change…they have to choose Did you propose to break up a bundle?Yes and I understand the ramifications, and have gone over this with the client.No (Not an option, go through the document and address this with the client right now)This is a huge concern. You need to understand the ramifications of breaking up a bundle Here is a document that explains this. Be sure you know these things and have reviewed this. Click here HO3HO3: What year was the roof last replaced?HO3: Does this match what is on their existing policy? If not, did you update it?If the roof has been replaced more recently than the year on the insurance policy, we need to update the insurance policy ASAP. This is important.HO3: Is the roof Replacement Cost or is it ACVReplacement CostACV/Payment ScheduleI'm not sure (Not an actual option, ask for help)HO3: Did you verify the RCE and make sure it's as accurate as possible?YesNoIt falls on the agent to make sure the RCE is thorough and accurate. We never rely on TP’s RCE. (DISCLAIMER REQUIRED) HO3: You indicated the roof is ACV or Roof Payment Schedule, did you go over this with the client and do they understand?When you sell the home, you will need to have them sign this disclaimer. You cannot skip over this.HO3: Look at the existing HO3 policy, is there scheduled personal property?YesNoMore than one time, we have accidentally done a requote for someone and moved them to a different company…..but the old policy had scheduled jewelry and the new policy didn’t have it. We need to carefully check this every time!HO3: SCHEDULED PROPERTY: You indicated that there is scheduled property. Did you include this in your insurance review?We are trying to not schedule jewelry on a homeowners insurance policy anymore, but write a Jewelers Mutual policy. It is VERY EASY to quote and it is better for the clientHO3: SCHEDULED PROPERTY: All supporting documents/appraisals need to be put into AMS activities. Did you do this?Create an AMS activity under “7-Information” with the supporting documents/appraisals attached, with a quick note of what is it. Please save this all in their teams folder as well. IF Travelers Home: If you suggested that we move their home to Travelers, did you confirm that we have an opening with Travelers (based upon our maximum limit of homes that we can write with Travelers each month)?If we write more homes with Travelers than allowed, then we will lose access to write with Travelers. We must be VERY CAREFUL of this. NBO QuestionsIf it ends up that they stay with the company that they have now, you need to confirm that their current policy is correct. It’s crucial that you’re verifying the eligibility of current policies and you must never assume current policies are accurate. It’s all of our jobs to catch & fix mistakes. NBO: Review the clients information and AMS. Verify this with the client. Is it accurate?YesNo (Not an option)Make sure we have the correct primary address for them listed. Verify their mailing address. Verify their contact information. Aim to always leave a customers account better than you found it. NBO: Did you review & discuss the client's current coverages?YesNo (Not an option)You need to make sure they have sufficient coverage. People buy new things every year, do they have enough personal property coverage? Do they have enough other structures coverage? For rentals, they’ll often increase the rent – do they have enough loss of use/rent coverage?NBO: Did you review different deductible options with the client?Don’t even look over this. Deductibles are a way for clients to feel in control of their policies. We want them to consider what their breakeven point is for premium versus deductibles.NBO: Did you really try to build the value that Ullrich Insurance Agency provides for them?Start with the frame that they’ve forgotten everything. Remind them of what value an independent agency brings, the customer service we provide, Jared’s availability being 24/7, to do things like make video inventories and to contact us for claims advising. The list goes on! Show them our google reviews if you have to!! NBO: Did you review the company benefits with the client?It may be an NBO, but you need to still sell them on why their current option is their best option. Always talk about them company being great with claims, has taken great care of our clients, and have company specific benefits that they likely don’t know or have forgotten. NBO: Was a NBO checklist prepared for the client?YesNo (Notify Makayla that one wasn't prepared)A NBO checklist should be prepared by Team Paradise for every insurance review. NBO: NBO CHECKLIST. Did you review the coverage guide and give recommendations to the client?YesNo (This is not an option, you must be giving recommendations) Make sure you’re always recommending what’s on the coverage guides. Many times, people are needing the reassurance they have a good policy and these recommendations give the reassurance they need. HO6 & Landlord CondoHO6: Did you verify the RCE and make sure it's as accurate as possible?YesNoIt falls on the agent to make sure the RCE is thorough and accurate. We never rely on TP’s RCE. Make sure you always start the RCE by selecting that it’s a condo. HO6: What is the Loss Assessment limit on the policy?Less than $49,999$50,000 or moreHO6: WARNING: We HIGHLY recommend increasing loss assessment to at least $50k. Did you do this and how did it go?These claims have been getting more expensive recently. This is because the master HOA insurance market in CO is in even worse shape than the personal lines market, and that’s saying something. HO6: Are they with a company that offers coverage for both perils & HOA deductibles?Yes it's good!No it's not good but there's no other option.Check the KBASE article called “Loss Assessment for HO6”. One of the most common loss assessment claims in CO is when the HOA is unable to pay their deductible, and unfortunately, many insurance companies won’t cover this. AutoAuto: Did you review with the client what coverages are on the policy?YesNoMany clients may not be aware of what they have on their policy. They may assume that have full coverage but are actually on liability only. Auto: Review the household drivers. Did you verify who drives in the household and if there's an excluded driver, explain to the client what it means to be excluded?YesNoMost insurance companies in Colorado require that all drivers in a household be listed on the policy. If a driver is excluded, they MUST understand that they won’t ever be covered if they drive the vehicle. Auto: Review who is titled on the vehicles. If it's in someone else's name that isn't in the household, you NEED to verify this is eligible. Did you do this and is everything good here?YesNoCheck KBASE if you don’t know the answer to this. Insurance companies are very particular about how and who vehicles are titled to as it raises a concern for them if it’s someone not in the household or not on the policy. Auto: Did the client do telematics?Yes, all drivers did TelematicsSome but not all drivers did TelematicsNone of the drivers did TelematicsAuto: You indicated they did telematics. If they got a very small discount, they may be able to redo the program. Did you go over this with the client?YesNoNAWHO DOES: Safeco, Travelers, NatGen. WHO DOESN’T: Allstate. WHO MIGHT: Progressive. WHO WE DON’T KNOW: The rest. Auto: We always recommend telematics and we want all drivers to participate. Did you do this?YesNoEvery auto insurance company is going to sell people on this. If we don’t try to get them on Telematics, then they will get a lower quote somewhere else where they have it. You need to be able to explain it well. Keep in mind that if you add Telematics mid-term, Travelers and Progressive don’t give an initial discount immediately when they sign up. You just have to understand how Telematics works. DP3DP3: Did you verify the RCE and make sure it's as accurate as possible?ACVReplacement CostIt falls on the agent to make sure the RCE is thorough and accurate. We never rely on TP’s RCE. DP3: Does the roof have ACV or Replacement Cost?ACVReplacement CostYou must specifically look for this information and don’t guess! Ask for help if you don’t know how to find this information. DP3: DISCLAIMER REQUIRED, ACV ROOF! Review the disclaimer with them. Did you discuss this with the client and feel confident they understand what's on their policy?If they’re going to be moved onto or kept on a policy with an ACV roof, they need to understand what that means. They’ll need to sign the disclaimer with whichever option they choose. Check on this and be sure they end up signing the disclaimer. Boat, ATV, RV, Motorcycle, etcIs it insured for AGREED VALUE?YesNoYou cannot guess on this as there is a huge difference between this and stated value/actual cash value. Agreed value is a guaranteed payout.WARNING! You indicated it's not for agreed value. Are you certain the client understands how this is insured?YesNo (Not an option,With agreed value, you and the insurer agree on a guaranteed payout amount for a classic car, regardless of depreciation, and the payout is set at the start of the policy. With stated value, you declare the car’s worth, but the insurer will pay the lesser of that amount or the car’s actual cash value (ACV) at the time of the loss, which means a payout can be reduced by depreciation. UmbrellaUMBRELLA: Did you verify that everything is being included on the umbrella and that they understand the umbrella requirements?YesNo (Not an option)Most people assume Umbrellas automatically adjust to include everything on the underlying policies so they neglect to inform/check. Review and verify what is included in the umbrella with the client to be sure nothing is being missed. There is a specific “Explanation of coverages: Umbrella” that they will need to sign when you complete the review. Be sure they understand how it works and what it requires. Many clients overlook this and will try to trim down coverages on policies they don’t have with us, and don’t realize what they’re doing. UMBRELLA: IF Excluded Drivers. Many insurance companies don't allow for there to be excluded drivers on underlying auto policies and this makes the whole thing ineligible. Did you verify their umbrella is good with this?YesNo (Not an option)Check KBASE for their umbrella and if it’s going to be a concern. Personal Umbrella won’t provide an umbrella if there’s an excluded driver. UMBRELLA: IF Surplus/Non-Admitted. Many insurance companies require the underlying polices are written with A+ or similar companies. Did you verify their umbrella is good with this?YesNo (Not an option)Check KBASE for their umbrella and if it’s going to be a concern. PersonalUmbrella requires admitted companies but RLI doesn’t care if they’re admitted or not admitted. Jewelry/SPPJEWELRY/SPP: You must review with the client what is being scheduled on their jewelry/spp policy. Did you do this?YesNo (Not an option)Many clients assume all their things are scheduled and insured just because they setup a policy. You should always review with them what is being insured and the valuation. We recommend to update appraisals for high-value items every 2-3 years to make sure the item isn’t underinsured. JEWELRY/SPP: All supporting documents/appraisals need to be put into AMS activities. Did you do this?YesNo (Not an option)Create an AMS activity under “7-Information” with the supporting documents/appraisals attached, with a quick note of what is it. Please save this all in their teams folder as well. Brief Summary: How did the review go and how did the client receive it?
