Join Date: Apr 2012
Location: Your House Soon...Soon
Thanked 2,249 Times in 1,094 Posts
Years ago, when informed I had to use one of a specific three for my preservation insurance carrier, I grabbed my local agent and laid out exactly what I needed. After he got his head around the language in the documents and confirmed the legalities, he made some phone calls, made some more phone calls, and wrote a policy.
It was immediately declined by the nationals.
They didn't want the insurance company to be my advocate, they wanted them to be theirs.
You rekey a property and 6 weeks later you get an email saying the hope diamond and the mortgager's Saab is missing. You pull your photos from the file, review your paperwork, talk to the subs and maybe make a quick call to your local agent before telling them to KYA.
You get an email from the National maybe before or maybe not before the law firm on retainer from said National calls you and request a deposition regarding the events surrounding the theft. Count on their consultation triggering your deductible. They say they represent you, but you didn't hire them, they don't respond to your directives and they seem to be in regular contact with the national. You call and email the national and the Human Resources rep with an attitude similar to Squidwards tells you he'll look into it and get back to you. Their "back to you" consists of an email and/or letter months later dictating the settlement that was made to the homeowner via your insurance company. You'll be notified from them as well, and count on a rate increase your next fiscal year.
If you only work privately, depending on your area of expertise, you might only need general liability and E&O or more. Mortgage Field Service Insurance is kind of like spending your money at the company store for a suit that only fits your boss.