Commercial Lines

How the independent agent’s role in commercial lines submissions is evolving and how, in many important ways, it will stay exactly the same.

IVANS is revolutionizing the commercial lines policy workflow, creating a more connected and efficient ecosystem for all stakeholders. The goal: A superhighway, connecting insurers, agencies and insureds in a single exchange.

For an agent looking to enter the environmental insurance market, here are four tips to ensure you provide the coverage your client needs.

“It’s important to keep in mind that the contract wording varies from insurer to insurer,” says independent agent Bob Reynolds. “As a largely nonstandard line of coverage, the terms and conditions can vary widely.”

Coverage written on a claims-made basis require key employees to report any incidences that qualify as or may lead to a claim.

In a world where the top five global risks identified by the 2020 World Economic Forum are environment-related, increased exposures and liabilities are setting the market up for a complete evolution.

“Don’t just provide hotel owners a quote on insurance. They aren’t risk experts,” says independent agent Mike Barnum. “Help them identify their largest exposures and what can be done to minimize them outside of insurance.”

Professional services firms are walking a tightrope between opportunity and ruin, which means errors & omissions coverage is essential.

When life gives you lemons, independent agents and brokers errors & omissions coverage is a key contributor to the longevity of an agency—but only if the policy is covering the right exposures.