Before your wealthy clients sit down with their risk advisor to renew their personal insurance for 2010, here are a few questions worth asking them:
- When did your agent or broker last do a comprehensive review of your personal insurance?
- How do you and your agent approach the annual policy renewal? Do you have a face-to-face dialogue to discuss your risk exposure, or does the agent merely mail you a summary or the renewal bill?
- How much time do you spend going over renewal terms and conditions? Do you understand what you're signing?
- Does your agent or broker sell the insurance of just one insurance company? Is this the best fit for you?
- What high-value assets have you sold over the past year (or since your last renewal review) that may no longer need to be insured?
- Have you considered the replacement cost or shifting market value of certain property that may have risen or fallen since you purchased it?
Andrew McElwee is EVP of Chubb & Son and COO of Chubb Personal Insurance.
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