Talk to me about Apartment complexes with Traveler's

[AshwithanE]

I have a very large book with Travelers and work with them daily. If there is a loss, they WILL investigate and if they find out the buildings are old, the will declare a "material misrepresentation" denying the claim. Then it's on the agent who sold the policy. I can't tell you how many times I've lost deals in the past because of shady practices like this by other agents.

So, this policy is lost to me because of the market right now. I was on the phone with Traveler's A LOT last week and what we have determined is that this just basically slipped past them for some reason. *shrugs* Underwriting is not doing a very good job over there I guess. In fact, the policy is force now and insured have paid that whopping $28,000 premium already. Sucks.....the premiums I was getting were like $65,000 which was the lowest! Good for them and I told them it was something they better hang on to and better mention that those buildings were not built in 1999 unless the GIS is wrong and there is some insider info there. I feel like Traveler's just let it go, so shouldn't they bare some responsibility if something happens?

 

[AshwithanE]

I'm at the point I rarely compete against another agent. Either the client works with only me, or not at all. So, I haven't had to deal with a crappy situation like this recently, but I've come across situations like this many times.

Man that stings. I know this doesn't help much now, but that agent will get theirs. Trust me.

Dudeeee.....other agency got the policy for sure and they paid $28,000 awesome deal, right??....for the insured. Traveler's let it "slip" through I guess by accident. I told insureds they need to at least inquire about those building ages with their agent and tell to change those or tell whatever broker this was sent to that those need to be changed.

 

[AshwithanE]

Indeed, it's gonna hurt if it gets inspected and then backdate cancelled for false information lol

Oh, this place WILL be inspected, but I'm not sure how they ever actually find out those 2 buildings were built on 1969/70 during the inspection process.

 

[AshwithanE]

Oh, this place WILL be inspected, but I'm not sure how they ever actually find out those 2 buildings were built on 1969/70 during the inspection process.

Oh and BTW I lost this client to other agency of course.

 

[Al3x Lee]

Oh, this place WILL be inspected, but I'm not sure how they ever actually find out those 2 buildings were built on 1969/70 during the inspection process.

Buildings are a lot like clothing. The fashion of 1969 was much different than that of 1999. It usually doesn't take an inspector long to figure out, as often you can approximate the age just by looking at the building materials and styling. For example, most apartment complexes in the 1960s used non-coated aluminum framed windows, versus in the 90's, white vinyl was more popular.