In This Episode
In the auto insurance business, there is a phenomenon known as the “red convertible,” in which claims for theft and accidents are much higher rate than other vehicles. A similar reality is known among real estate insurers as “the repeat claims offender”. When it comes to raising red flags, if these offenders didn’t have bad luck, they’d have no luck at all.
In this episode, we cover:
● What the proverbial “red convertible” means in terms of professional liability coverage.
● The correlation between increased risk and the number of red flags raised.
● Why being “just average” is not enough these days.
● How you can change your risky image by understanding the your industry’s ideal image.
● In-the-field steps you can take to avoid being a “red convertible.”
Top takeaways for this episode:
1. Take a step back. Review past claims, whether legit or frivolous, and understand what led to them so you can avoid repeating these mistakes.
2. Be upfront about your claims history. When talking with your underwriter, highlight the risk management actions you’ve taken to prevent future claims.
3. Exude professionalism in the field. Image is important, so follow best practices while on the job to ensure you’re well-liked.
Resources for this episode:
● Shopping for a new policy? Grab our Complete Guide to Choosing an E&O Provider.
Now It’s Your Turn
Were you once a “red convertible”? What steps did you take to fly under the radar and become become claims free? Share your experience in the comments section of this episode.
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About Cornerstone Report Radio with Brian Trotier
Cornerstone Report Radio was created for real estate professionals like you who want easy access to information when you’re out in the field. If you don’t have time to read a lot of articles and blog posts, these short, 10-minute episodes will give you the information you need to stay up to date on trends and issues that affect your work and your livelihood.