Welcome to the podcast Risk Intelligence with your host, Karen Adams-Bum. She will be sharing her knowledge on common insurance questions, coverage explanations, claims scenarios, and interviews with brokers, clients and colleagues who discuss various topics in the insurance industry. Hi everyone, welcome to another edition of my podcast called Risk Intelligence. Today I'm going to talk about contracts.
When you engage with a client via a contract, you need to really talk to your insurance broker prior to signing the contract. The reason is because I have experienced numerous times where clients of mine sign contracts and then they contact me and say that they need their insurance changed, their insurance increased. Well, who's to say that that's going to be easy? Who's to say that the underwriter is going to accept that?
What if the underwriter doesn't accept it because of X, Y and Z? And now you're on the hook because you already sign the contract. I know, I know. It's like the devil's advocate, okay?
It's like you damn, if you do and you're damned, if you don't. Like anything else before you sign the contract and it has insurance questions in it. Talk to your insurance broker and most importantly, talk to your business attorney before signing the contract. I've had new notifications where clients of mine would sign the contract.
They need increased limits. I work on the increased limits for them and then the underwriter says, oh, we can't accept this because of X, Y and Z or oh, we can't accept this. But if we do accept it then we have to add exclusives to the policy. Now doesn't help you at all.
So the end result, the takeaway from this podcast is always, always talk to your business attorney and your insurance broker before you sign a contract. I hope that information was helpful. Thank you.