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We conduct field
services for insurance companies, specifically, but not limited to,
inspections. These
inspections are performed both physically in the field, and/or from
our office via telephone interview.
The method used depends on program, or type of coverage, and
previously agreed upon parameters with our client companies.
A unique record is created in our database for each specific
case; it is assigned to an inspector (either ‘zip code based’
for the field, or worked from the office, or a combination of these
methods); information is gathered, it is assembled together in a
report, and the report is emailed to the client company in an Adobe
.pdf format. All the actions along the way are logged and recorded, and the report we produce is archived on the individual record. Paper (brochures, field notes, business cards, paper photographs, letters, envelopes) are saved for one year and then shredded. How
insurance is sold - a Primer Insurance, even
though it is an intangible (only a contract) it is sold remarkably
like any other merchandise, say, Hershey candy bars: Hershey has a manufacturing plant where the candy bars are
produced in bulk. They
are sent out to area distribution by the truckload on pallets.
These truckloads are unloaded at an area distribution
warehouse where different pallets are sent out to distributors in
states, who break them down into cases, and these cases are sent to
retailers in neighborhoods, where consumers come in at the street
level and buy the contents of the cases (a candy bar) one at a time.
Insurance is not too different.
Consumers do not come off the street and deal directly with
the large houses. Large
houses, such as the Lloyd’s of London groups, Scottsdale,
Lexington, Essex, and etc., offer coverage, but only through
regional distribution. These
regional distributors are called Managing General Agents (MGA).
MGAs represent the large houses (called the Carrier) in a
state or collection of states, through retail houses (producing
agents) at the street level. These
retail houses are the neighborhood agencies.
The carrier, or company that actually takes the risk is like
Hershey; they do not sell directly to the consumer, anymore than you
could go to the plant and buy one candy bar.
There are exceptions, like State Farm Insurance, who control
distribution from main office to the street level, and their agents
can ONLY sell their company’s line in very specific ways to a
narrow group of customers who fit certain underwriting guidelines.
If you were to open
a restaurant or motel, or buy a house, one of the steps you would
take before you open for business would be to visit your favorite
retail insurance agency and obtain insurance coverage for your
particular business or home. You
would fill out an application and give the agent a check to pay for
the first installment of the premium.
This check or cash is called a binder.
It “binds” the company to cover you from that minute
forward. However,
the company has the right, under state law, to review the subject
property or business to be sure it is what it is represented to be,
be sure it is suitable for coverage, and finally decide to keep or
deny coverage. This is
where we come in. We
are hired by the MGAs to go inspect these new contracts or the
properties they cover, and write a report that describes the risk
and make recommendations as to suitability or recommend changes or
improvements that would possibly prevent a loss. So we serve two purposes:
1) we more accurately describe the property or business than
does the application, so the underwriters can make a more informed
decision, and 2) we look out for problems that might result in
losses, and make recommendations for mitigating or minimizing the
potential for loss. At the inception of
coverage, the MGA goes through a process of decision-making, and our
report is a major part of this process.
They will do one or more things: they may 1)
choose to ignore our report, treating it as a mere formality,
and simply place it in the file; 2)
read our report, compare it to the application, and decide
that the risk complies in every way with their guidelines and
continue the insurance in force; 3)
decide to keep the coverage only if certain conditions are
met (such as complying with recommendation we make, or others the
company makes) or 4)
decide the risk doesn’t meet their underwriting guidelines;
in which case they cancel the coverage and refund the binder,
keeping the policy fee. (the
policy fee is set to cover administrative costs, a portion of which
we receive as inspection fee). How
we represent ourselves to our clients’ customers We
conduct inspections as a third party verification service, and are
there for an inspection. We
never make statements that lead anyone to believe we have any
information or make decisions about their coverage that is binding
in any way. We do not
represent that we have any underwriting powers, do not lead anyone
to believe that they will or will not be canceled or renewed, or
continued, and if asked, we defer all questions and/or complaints
about coverage, especially about premiums, to the agent.
We are clear, very clear, in our understanding and in our
representation, that our only task is to collect information at the
request of our client, the underwriter of the coverage.
We do not make decisions that bind, continue, or cancel
coverage. We normally
are not included in, nor have knowledge of, final decisions of our
client companies. We
are paid from the policy fee, so have no pecuniary interest in
whether or not the coverage is maintained, thus we can be objective.
If an insured refuses to be inspected, our responsibility is
to be sure we have accurately informed the insured who we are and
why we are there, being careful not to make any threatening comments.
We should make all reasonable accommodations for them, and if
they still refuse, our responsibility is to report the fact that
they have refused inspection. It
is likely that their coverage will be canceled, but we have no
surety of this, it is not automatic, and we will not represent that
this will be the result. This
disclaimer applies to all reports produced by us, past, present and
future. Information
contained on reports is gathered by humans in real world conditions
and may also contain information reported by other humans, and as
such is subject to error and interpretation, and in some cases
relies upon the good faith and factual answers of the subject
insured. Information is believed to be accurate but is not warranted
to be so. Our warranty
extends only to a re-inspection and review of reports and re-writing
at our expense. We
assume no liability or damages resulting from the use of our reports.
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