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Cool, an SA insurance thread. I'm an insurance broker too, for large commercial energy risks: pipelines, rigs, powerplants, undersea wells, etc. I do some more generic stuff, but the weirder the policy the more fun I have placing it.
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Oct 15, 2012 19:59
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Brady posted:This is probably a dumb question but as a renter with renter's insurance do I need to keep a record of receipts or make a list or take pictures of the stuff I own? What if there's a fire and I say my $1000 TV is worth $6000? Taking pictures is a good idea. Your renters policy is going to either pay a claim based on "actual cash value" or "replacement cost". An "actual cash value" policy will pay on whatever something is worth now, so a 5 year old plasma TV might get a few hundred. A "replacement cost" valuation will pay to replace with a like model. Insurance fraud is usually a crime in most places and people who get caught can see jail time.
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Nov 24, 2012 05:03
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A good coverage to get is backup of sewers and drains. It's often like $15 a year, but if a neighbors toilet breaks and water damages your place, you're covered through your renters insurance (and her liability if she has it).
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Nov 24, 2012 20:01
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The kind of insurance I do is very large energy risks like oil & gas wells, pipelines, petrochemical plants, and power companies. I'm finishing up a $1.4 billion policy that has about 20 insurance companies on it. I actually like my job most of the time.EugeneJ posted:When is the best time to purchase long-term care insurance if you have no major health problems? I've heard if you're not already enrolled by your 60s, you can't get coverage I purchased LTC coverage in my mid thirties because the industry was changing the rules and getting rid of the unlimited coverage model. I'm not a health insurance expert by any stretch, but I'd guess mid-40s would make sense. People who are younger need long-term disability coverage more than long-term care. Speaking generally, for Auto, try to a combined single limit (CSL). a $350,000 CSL protects better than a $100k/$350k/$100k split limits.
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Feb 27, 2014 16:36
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The Jizzer posted:I want to know more about this. I did a $15mm cyber liability policy that had three carriers stack limits and that was an ordeal. I can't fathom working with 20. What's the premium on something like that? Please tell me you get paid commissions. I had a friend that scored a trucking account that was $1.6mm in premium but her contract was salary only. I do a $1.2 billion excess liability tower that has over fifty markets on it. It's a nightmare. The property risks have both layers (stacked limits) and quota share participation where each market takes a percentage of the total limits. Premiums can, depending on limits, deductibles, and total insured values (TIV) can run between $5 and $15 million (what I've worked on). My employer get a fee, usually a healthy one, but a few accounts are on commission. I work on a ~$10M property risk that's full commission, but the large risks have commissions in the 7.5% to 12.5% range. Here's a very scrubbed graphic of one type of property policy. Each colored block represents one insurance company. However, a couple are Lloyds slips so they'll have somewhere between 3 and 10 markets on each slip. So one block may really be 6 markets. Limits and deductibles are standard for this type of risk, but don't correspond to any actual client.  What makes these kinds of placements difficult, I think, is the differential terms. Some markets have sticking points about various coverage extension so one block may have an extension curtailed or not cover natural catastrophe hazards like named windstorm. We do our best to get concurrent terms, but it's not always possible. One fun type of risk I work on is coverage for the anti-piracy security teams that operate in the Indian Ocean. Some London markets pay 30% commission on those risk. If I bring in new business, I get a cut of that new business whether its fee or commission. I don't get anything on renewal income, but I do get a bonus. If anyone really wants me to  out on large complex insurance placements, I can.
Moral_Hazard fucked around with this message at 16:49 on Feb 28, 2014 |
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Feb 28, 2014 16:46
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Jastiger posted:This all sounds like a mega As big companies are buying higher and higher limits they start buying up all the available world-wide insurance which makes things interesting too. The biggest ones though, the BP's and the Exxon-Mobil's just self-insure (at least large chunks of their risks, if not everything). They have so much money they don't need insurance. 100 HOGS AGREE posted:Yeah I just talked to him about it and he said since they'd cut him a check if that happen it'd basically be up to him if he wanted to compensate me for my losses, so if I was worried about it he'd write me up a lease or something if I needed it to get insurance. Yes, it applies once to each claim. It's likely called "per occurrence" or "per accident" in your policy. Also, you want to ask if your policy is "actual cash value" or "replacement cost". Replacement cost will give you enough money to replace something that's damaged or destroyed. Actual Cash Value (ACV) will just give what an item is worth right now, so if it's old you'll get less money than you need to replace it. ACV valuated policies cost less in premium, but sometimes the difference is very small. You should also see if the policy Progressive is quoting has a personal liability component. It's probably not super necessary unless you have guests in your room regularly and depending on how your landlord's homeowners is worded, that might cover third-party liability (i.e. other people getting hurt or having their stuff broken) in your room and/or landlord's house. Moral_Hazard fucked around with this message at 16:37 on Mar 1, 2014 |
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Mar 1, 2014 16:25
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FizFashizzle posted:I've been recruited for the State Farm RPX program. This might be a stupid question, but do you have insurance industry experience?
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Oct 21, 2014 20:19
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EugeneJ posted:If I stop getting auto insurance through my carrier for a few months between when my car lease expires and when I get a new car, does my new policy start as if I've never existed with that carrier? Or does my seniority continue when I get the new car? It probably depends on the company, but they'll know that you've been with them before. If you have seven years of claims-free or low claims history with them a few month gap shouldn't mean much. You should call up Geico and ask them.
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Oct 22, 2014 14:17
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22 Eargesplitten posted:I’m looking at a renter’s policy and the lady at my agent’s office did there’s a minimum of $125 per year premium in CO. Is that a thing? I never heard of that. I was going to request a lower than $60k property coverage since there’s no way we have that much stuff (yes, I’m going to add stuff up, get a ballpark, and go up from there a few thousand), but she said that $125 is the lowest premium anyway. A lot of companies have minimum premiums; you should shop around and see if another company will be lower.
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Feb 10, 2018 17:31
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