Virginia Bates , Samuel T Bennett, CIC, AFIS, CRIS, CPIA – E & O – Roadmap To Homeowners Endorsements and Personal Inland Marine – Part II

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The typical Homeowners policy provides comprehensive coverage that is designed to satisfy the needs of the average American purchaser. This “typical” house owner might be single or married, with or without children, and live in a detached single-family home. This normal house owner lives a humble lifestyle, owns no remarkable property, participates in no uncommon hobbies or pastimes, and does not belong to the “exciting” cast of individuals seen on a reality TV show or comedy.

To keep premiums low—and for other reasons—standard plans exclude or limit coverage for insurable risks that only a small percentage of families confront. These prohibited exposures generate coverage gaps that, for an extra premium, may frequently be remedied by altering the regular policy’s limits or other terms, adding an appropriate endorsement, or acquiring a supplemental policy.

This training is intended to assist insurance professionals in identifying and overcoming many of the coverage gaps, exclusions, limits, and uninsured exposures that their Homeowners clients encounter. The approach varies depending on the topic, but the general goal is to first discuss circumstances that may result in an atypical exposure or a need for additional insurance beyond what is provided by a standard policy, and then to explain measures that can be used to close the coverage gap by insuring or otherwise managing the exposure.

Goals of the Course

After finishing this course, the student should be able to

Understand the coverages given by the HO6 and HO4 Homeowners forms;
Have a greater awareness of the complexities of insuring trust houses;
Have a thorough understanding of the major coverage gaps that people and families encounter in the areas of real and personal property, residential liability, and commercial or professional activities.
Understand the policy clauses, exclusions, and limits that result in coverage gaps or deficiencies.
Demonstrate the ability to detect and characterize relevant coverage gaps in current and potential customers’ insurance packages.
Understand how to close the gaps by making suitable policy adjustments, proposing an extra line of insurance to cover the gaps, or employing noninsurance techniques; and
Use methods that result in well-coordinated Homeowners and Personal Inland Marine programs.

VIRGINIA M. BATES has over 20 years of expertise advising with agencies and carriers, as well as managing insurance operations for a carrier and a big regional agency. She has expertise in all property and casualty lines, as well as as the director of a national underwriting school and direct engagement in numerous automated systems. She has worked with several agencies on valuations and associated challenges, wise selection and use of technology, profitability, lowering E&O risk, internal operations, marketing strategies, carrier partnerships, and successful use of technology as a co-founder of VMB Associates Inc. She talks regularly on the growing exposures and preventative actions associated to automation and electronic processing and documentation. She has performed E&O audits and rehabilitation projects for agencies on behalf of E&O carriers such as Fireman’s Fund. She created and hosts the Vendor Comparison Workshops, which have assisted hundreds of agencies in determining their automation requirements and possibilities.

She is a licensed E&O teacher who frequently develops and delivers instructional seminars for several state agent organizations, carriers, and vendor groups. These programs address both technical (personal and commercial risk management, direct and indirect property coverages, advanced workers comp coverages and rating, and umbrella coverages) and managerial topics (such as E&O prevention, business planning, disaster recovery, profitable use of automation and procedures manual creation and implementation).

Virginia is the Technical Executive and Founder of www.VMBhits.com. This is a testing website where agency and carrier administrators may assess existing workers’ and prospects’ coverage capabilities, system use abilities, E&O safety awareness, bookkeeping acumen, and educational requirements. The website provides exams in almost every P&C coverage and Benefits category.

Virginia’s educational background includes an honors degree from Swarthmore College and graduate training in management science. She is both a licensed broker and an insurance consultant.

SOME EXAMPLE REVIEW COMMENTS & CLIENT COMMENTS (FOR CLASSES & CONSULTATION WORK):

“Her upbeat demeanor is always motivating. Her expertise of the subject is usually illuminating.

She should feel proud to be a part of the industry.” “The very best!”

“It’s a pleasure to have you at our office. At the end of the day, everything looks conceivable!”

“I went to a class solely to acquire continuing ed credits and you reminded me why I entered into this profession in the first place – to sell and to help others. Thank you for making it enjoyable again.”

“We appreciate you treating us like diamond clients. We know you’re constantly concerned.”

CIC, AFIS, CRIS, CPIA Samuel T Bennett

Sam Bennett is a retail producer, presenter, and stakeholder of Columbia, Missouri-based Harrison Agency, Inc. He began his insurance profession in 1987 and has always worked as an Independent Insurance Agent. He has spent his whole career working with individuals, families, and small enterprises. He has worked in the personal lines, commercial lines, agriculture, and life and health sectors in this role. Sam has grown to understand and respect the crucial ways an insurance professional must interact with markets and clients in today’s insurance environment as a consequence of dealing with many different types of customers, carriers, and coverage needs.

In 1996, Sam earned the Certified Insurance Counselor (CIC) accreditation. He has been teaching for the National Alliance in their CISR program since 2000, presenting in their CIC program since 2004, and became a National Faculty Member of the Society of CIC in 2009. Sam is also a National Faculty Member in the AIMS Society’s Certified Professional Insurance Agent (CPIA) program and an IRMI Construction Risk Insurance Specialist (CRIS) program speaker. Over the last two decades, he has been relied upon to deliver insurance education at conferences and symposiums around the country, and he has served as an expert consultant to many law firms.

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