News and Chaptergrams
The loss control discipline has evolved in a significant way: from its primarily inspection-based mentality of the 1970s, ’80s, and ’90s, to the consultative-based mentality of today.
As the industry has evolved, the reputation of those in loss control has improved. And loss control professionals are working hard to partner with customers, agents, and brokers.
The rule that an insurance agent or broker has a duty to exercise reasonable care is the traditional standard, but a greater standard is more frequently applied—if not expressly, then implicitly—in the evolving case law. For years, courts relied on the principle that if a broker fails to exercise reasonable care, and if such insufficient care is the direct cause of loss to a customer, then the broker is liable for such loss. In other words, the agent has a duty to use the degree of care expected of a reasonably competent agent under the same or similar circumstances.
Information in this article is based on material shared during the 2016 Annual Meeting session Don’t Let Your Disaster Plan Be a Disaster.
We lock our doors and buy the latest technology security systems. We buy both homeowners and flood insurance to protect our homes. Are there other things we can do to not only protect our homes but prevent wind damage from occurring?