Why hire an independent risk consultant?
- Bragan Jackson
- Apr 20, 2023
- 1 min read
Reason #4
How do I know how much coverage do I need?
Here were have a member of the Florida Association of Insurance Agents advising your insurance agent that they should be hesitant to say what the estimated replacement cost of a home or dwelling is. They go on to quote SwissRe (the leading E&O carrier for the FAIA and Independent Insurance Agents and Brokers of South Carolina) who is (naturally) advising on ways to reduce exposure to an errors and omissions claim:
In addition, taking on a (voluntary) role advising the lender is ill-advised. Valuation issues regarding the adequacy of limits in place drive a lot of our commercial exposures. Most, if not all, lenders confirm property valuation before agreeing to loan money, so the lender is in a much better position to evaluate property value than an insurance broker.
"Ill-advised?" For who? The agent, that's who.
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