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Blanketing the market.

Some agencies and brokerages can quickly disseminate a law firm's application (often, using an old application) to all potential carriers in your state via electronic mail.  The reason they do this is to 'get in the door' before any other agent.  Insurance companies treat the first application received as the application of record, regardless of its origin (insurance companies do not require initial submissions to be completed on their own approved forms), means of submission, or the quality or age of its information.  As such, the insurer considers the submitting agency or broker as the 'broker of record', and they cannot work with anyone else.

This practice is known as 'blanketing the market'.

This sharp practice blocks the individual specialist or producer with whom you have been working, and whose application you have approved and signed, from working with you and the insurance markets they have targeted unless you provide a "Broker of Record" letter (extra work for you!) to your agent. 

Many of these cobbled together applications include social security numbers and other confidential information which can lead to identity theft.  Another problem which this shot-gun approach is that your application could be declined by an insurer and these declinations could unfavorably impact your ability to insure.

Blanket submissions seldom result in your getting many quotes. In fact, in actual practice, many of these wholesaler/brokers give you only those quotes which they want to give even though they are required by law to provide you with every quote proffered.

One way to thwart this unethical behavior is to give the producer you have chosen to work with a Broker of Record letter, designating the producer you are working with as your broker for purposes of obtaining quotes from a specific company.

Rest assured, ALIA will never submit an application to a carrier or general agency of which you are not aware or have not approved.

 

Over 20 years of experience!

ALIA has twenty years' experience in representing attorneys seeking E&O and Property & Casualty insurance coverage. Annual client retention rates routinely top 95% and we average 15 new client referrals per month.

ALIA prides itself on its Code of Ethics and business performance. 

Our producers work very closely with our clients to ensure that their insurance coverage is specifically targeted to their insurance needs.

ALIA specializes in helping firms whose claims history and/or areas of practice makes them hard to insure.

Toll Free: (800) 820-9220 Direct: (775) 624-2400
Fax: (775)624-2410
Email: info@alia-ins.com
www.alia-ins.com