Client success story: how full disclosure helps customers win

When it comes to protecting yourself, honesty is the best policy.

Full disclosure goes a long way to securing your peace of mind. Whatever you’re up to in your life and business can impact your coverage. Failing to disclose details could create gaps in coverage and negatively impact you.

We’ll show you what we mean with an example from one of our customers. Just the other day, we had the satisfaction of helping our customer identify and close gaps in her coverage.

Melanie (name changed for confidentiality) operates a variety store. Her business includes a bakery and performs money remittance services. Her business is doing well and she is expanding, having purchased two additional units.

In reviewing their coverage, we noticed their new units were listed under different corporate names. It appeared as if one of these units was conducting a different type of business. We communicated with Melanie and she informed us that she was also conducting freight forwarding operations. This represented a large portion of her revenue.

She had actually been involved with freight for a number of years, but it was not reflected in her policy. Therefore, we contacted her insurer to determine if she is protected because freight is a specialized exposure. They informed us that the freight forwarding operations were not covered under the current policy.

In order to address this gap in coverage, we added one of the new units to Melanie’s existing policy. Then we placed the risk from the freight operations into its own separate policy, ensuring Melanie’s business is protected as it continues to grow.

Melanie’s experience reminded us that we should never assume that a given insurance product covers something. We strongly recommend you speak with your broker when:

1. You’re expanding your business
2. Sales are growing
3. Your fleet is expanding
4. You’re purchasing new buildings or equipment
5. You’re getting into a new area of business

Call us today if this is your situation and we will be happy to assist you.