UpstateNYAgent
New Member
- 18
Im just curious and I got a feeling this will be a question for more experienced agents really. Im working with a NFP organisation in my home town. I wrote them a CGL policy because they wanted a policy to protect the directors and officers. Later they are asking about a D & O policy and for some reason are under the assumption that this is the only thing that covers them.
I told them the coverages provided under and CGL policy protects the board against claims for BI and PD. Where as a D&O protects the directors and officers against claims for non bodily injury. Such as if a board member runs off with some money the board is protected for things like that. Also under a D&O there is a employee liability policy that goes hand in hand with a d&o to protect against claims made for harrasment and discrimination.
What really bothers me about this is where do they get their information from? How many agents out there are just saying its covered because they don't know the answer. Everytime I tell them what is and whats not covered they act all shocked about it and then they tell me "Well with this NFP they are protected from ......"
Another instance where this is springing up is when it comes to fundraisers they want to have that take place off of the premises. I tell them that the CGL policy does not protect against unschedualed events. I tell them to schdual it, its going to be around 150 dollars. Then they give me paperwork where the city wants to be listed as an additional insured. I do it and it costs $100 dollars. I did some looking around and its hard to find an insurer that will actually extend coverages for all unschedualed events. I look around online even at carriers I cannot use. Im pretty good at finding a good market for my insureds.
Basically all the while is how many agents out there really know what the hell their talking about. Ive been doing this for about three years and I study it pretty extensivily. Trying to learn what I can. Then when I give the answer and tell them what isn't covered I get crucified for it.
To make matters better im also a board member and do care about this NFP. Their young and new. They have some money but not much. So even though I do make more money the higher the premium I don't want to bury them alive in premium.
Ive seen a fair amount of claims from other agencies where things are not covered and then it becomes some big law suit. Even though it the odds of something happening at something like a "Bake Sale" are slim to none and agents know that. Its just not ethical to tell them it is (even though i think so many agents do) But when you try to do the right thing you get hammered with questions because some agent who's been doing it for a lot longer probably doesn't know what their doing but made it this far because nothing ever happened.
Im not sure what my question is. Just wondering if any seasoned agents have any input on this. Thanks
I told them the coverages provided under and CGL policy protects the board against claims for BI and PD. Where as a D&O protects the directors and officers against claims for non bodily injury. Such as if a board member runs off with some money the board is protected for things like that. Also under a D&O there is a employee liability policy that goes hand in hand with a d&o to protect against claims made for harrasment and discrimination.
What really bothers me about this is where do they get their information from? How many agents out there are just saying its covered because they don't know the answer. Everytime I tell them what is and whats not covered they act all shocked about it and then they tell me "Well with this NFP they are protected from ......"
Another instance where this is springing up is when it comes to fundraisers they want to have that take place off of the premises. I tell them that the CGL policy does not protect against unschedualed events. I tell them to schdual it, its going to be around 150 dollars. Then they give me paperwork where the city wants to be listed as an additional insured. I do it and it costs $100 dollars. I did some looking around and its hard to find an insurer that will actually extend coverages for all unschedualed events. I look around online even at carriers I cannot use. Im pretty good at finding a good market for my insureds.
Basically all the while is how many agents out there really know what the hell their talking about. Ive been doing this for about three years and I study it pretty extensivily. Trying to learn what I can. Then when I give the answer and tell them what isn't covered I get crucified for it.
To make matters better im also a board member and do care about this NFP. Their young and new. They have some money but not much. So even though I do make more money the higher the premium I don't want to bury them alive in premium.
Ive seen a fair amount of claims from other agencies where things are not covered and then it becomes some big law suit. Even though it the odds of something happening at something like a "Bake Sale" are slim to none and agents know that. Its just not ethical to tell them it is (even though i think so many agents do) But when you try to do the right thing you get hammered with questions because some agent who's been doing it for a lot longer probably doesn't know what their doing but made it this far because nothing ever happened.
Im not sure what my question is. Just wondering if any seasoned agents have any input on this. Thanks