Success Story #1
A client with a primary home in New Jersey and four rental properties in other states. The policies were a mixture of direct writers, one standard carrier and two specialty brokers.
- Determined the home was over insured by $100,000
- Increased deductible from $500 the $1,000 with a premium savings of $370
- Increased Umbrella Policy limit from $1,000,000 to $2,000,000 to provide higher limits due to the rental exposures
- Brought Automobile Liability up to comply with the Umbrella Liability minimum requirements
- Decreased collision deductible from $2,000 to $1,000 and Comprehensive deductible from $2,000 to $250 with minimal premium impact
Success Story #2
A client with primary home, auto and umbrella in New Jersey is being serviced in a call center. She received a proposal to switch insurance companies based upon broader coverage.
- Proposal reviewed and numerous errors were discovered
- The home is deeded to a Family Trust. The trust was not a named insured on the policy
- The call center in Delaware was unfamiliar with New Jersey contract language and coverages
- Comparative quotes were inaccurate
- Corrected coverage and premium comparisons were prepared and discussed
- The initial estimated premium savings of 15% was not accurate; given the various mistakes there would have been an additional premium of 10%
Success Story #3
A client with a home in a prestigious neighborhood was insured with a Direct Writer. The original policy was placed 5 years ago and never updated.
- The home was currently insured for $2,200,000 with a deductible of $500
- An appraisal on the home estimated to actual rebuilding cost to be $3,500,000
- The policy was placed with an insurance company that specializes in high value homes, and the deductible was increased to $5,000. Premium impact was minimal though the coverage was superior
- Personal Liability was $300,000 and no Umbrella Policy was in force
- The homeowners allow a church group to use their pool and tennis courts as a summer camp thus an Umbrella Liability Policy of $10mm was put into effect