By Chris Reilly, Administrative Assistant
Without policies, the way insurance is offered and documented would be completely different. Policies outline the very coverage that is being provided by the insurance carrier. Having a policy that you don’t fully understand can be just as bad as having no coverage at all. Because of this, policies undergo vigorous scrutiny before being cleared to be sent to our agents. Reviewing policies before sending them to our agents has many benefits, the first and foremost being that it allows us to find any wording that may be difficult to understand, and to be ready to explain that to our agents. It also gives us the chance to proof read the policy and make sure that the insured is represented in the best way possible, with no information discrepancies or mistakes.
The policy review process focuses on three main areas: proofreading, relevant information, and presentation preparation. Proofreading is just as it sounds; Beacon Hill Associates and PartnerOne Environmental read through the policies to check for any mistakes or typos. This is important because if the named insured “Buddies Inc” is spelled on the policy as, “Bodies Inc” the insured now may not be covered under that policy, since the company name is incorrect.
Relevant information refers to reviewing the policy and making sure there are no errors or discrepancies. This is not intended to be an intense coverage review, but rather an opportunity to check the main parts of the policy to make sure the information is correct.
The last part of our policy review is preparation for the policy presentation. Once we receive a policy, there are some steps that must be taken to further prepare the policy to be viewed by the agent. If applicable, we address any tax information; we also include a cover letter and check for any endorsements that would need to be sent along as well. This preparation ensures that information will always be easily and readily accessible, as it will always be located on the first page of the declarations, with any E&S tax forms usually being right before the policy declaration pages, unless otherwise mandated by that state.
The process for reviewing policies is an area that most of our office receives training. If there is ever a question on a policy, please feel free to contact us.