May 02 Have you ever been sold a wrench when you needed a hammer?
The other day my wife mentioned to me that our oldest daughter couldn’t stop talking about a doll house she played with over at a friend’s house. She thought it would be a good idea to get her one for her birthday. She asked if I would be willing to make her one, so like any man, I answered with a resounding “YES! That will be easy and fun!”. I quickly came to the realization that I had no clue where to begin. So, I did some quick research on how to build a doll house, and went to my local hardware shop to talk to some experts about which tools I would need. I purchased the recommended tools and thought I was ready to go. Once I started the project though, I quickly realized that the tools I had purchased were not going to be the right ones for the job. The tools that were recommended to me were the wrong tools!
The doll house tool confusion could have happened for a myriad of reasons, but I suspect that there was a miscommunication that led to me being misunderstood and sold the wrong tools. How often do we think other individuals we are talking to fully understand what we are asking or saying?
I recently had the opportunity to do a policy review for a prospective client. As I was doing my policy review, I noticed that the policy had a “Premise Pollution Endorsement” on it. Prior to doing my review, I had acquired information on the business. The insured had mentioned to me that all of the general contractors that he works with require him to have pollution coverage at every job sites he steps foot on. As I read this coverage, line by line, I quickly discovered that the pollution coverage this insured had been sold was not going to provide the coverage he needed to satisfy his contracts. The “Premise Pollution Endorsement” clearly stated that pollution coverage would only apply to the locations listed on the policy. Job sites are not listed on this endorsement, therefore, no coverage would apply if a pollution claim had occurred. The coverage that was needed was “Contractor’s Pollution Coverage”, which would provide pollution coverage for each job site the insured conducted business on.
As simple as this may seem, it happens all the time in our industry. Just as I was sold certain tools that didn’t fulfill my needs in building a doll house, insurance policies may be sold to you that don’t fulfill your needs. Miscommunication can happen often with the underwriting process. This is why at Stratford Insurance Group, we make sure to review the policies of both prospective clients and current clients every time a new or renewal policy comes into our office. It is our way of making sure each of our clients stay on their path to protection.