Five of the most common mistakes when placing commercial lines insurance and how to avoid them.

As wholesale insurance brokers, we take risk seriously. Part of this responsibility includes staying educated and informed, not only on the insurance products we offer, but on ways that we can help insurance professionals minimize errors or risk for their insureds when they come to us looking for a quote.

As we begin to receive more inquiries for Commercial GL policies, we thought we’d share the following excerpt from a recent publication by IRMI Insights, which listed 101 Common Commercial Lines Coverage Gaps to Avoid.

The following list represents some of the most common—and career-limiting —mistakes that are made when placing commercial lines insurance:

  1. Relying on commercial general liability fire legal liability coverage to insure leased premises when commercial property insurance is needed to satisfy the obligations in the lease.
  2. The lack of an employee benefits liability endorsement in the commercial general liability policy (or coverage in a separate fiduciary liability policy).
  3. Inattention to retroactive date and extended reporting period on claims-made coverage endorsements attached to occurrence trigger commercial general liability policies (e.g., employee benefits liability).
  4. Failing to provide additional insured status as required by contract.
  5. Lack of coverage, or inadequate coverage, for joint ventures and newly acquired companies.

Our knowledge and experience ensures that our brokers can help insurance professionals ask the right questions of their clients, and help them avoid these mistakes. If you’d like to learn more about how we can craft a customized Commercial Liability Policy for your client, simply email or call DeCotis Specialty Insurance to begin a conversation.

Tom DeCotis Appointed as President of New England Surplus Lines Association

DeCotis Specialty Insurance announces that Tom DeCotis, CEO, has been appointed as the new president of the New England Surplus Lines Association.

With this appointment, Tom now leads a group of wholesale surplus line brokers/agents and supporting affiliates who specialize in providing service and support to these brokers and agents. The association’s main goals are:

  • To improve business conditions in the specialty risk insurance industry and support the insurance agency system
  • To distribute educational information for the betterment of the specialty risk insurance industry
  • To promote professionalism among members
  • To maintain liaison with other segments of the insurance industry, particularly insurance commissioners, regulatory authorities, insurers, and insurance producer groups

Please take a moment and congratulate Tom along with us.

Jocelyn Dewey Receives CPCU Designation

We would like to congratulate Jocelyn Dewey, COO at DeCotis Specialty Insurance, on receiving her CPCU designation.

As those in the insurance industry already know, receiving the CPCU designation is a grand achievement. The process can take years to complete and requires the individual to have comprehensive knowledge of all aspects of property-casualty insurance. This knowledge is reinforced by rigorous exams on insurance laws, accounting, risk management, and ethics. It is not an exaggeration to say that the CPCU designation is considered the “CPA of the insurance industry” and reflects Jocelyn’s continued devotion to the industry.

We’re extremely proud of Jocelyn’s achievement and all that it represents. This is just another sign that when clients work with Jocelyn or DeCotis Specialty Insurance, they’re working with people in the industry who are devoted to providing outstanding customer service.