Annual Policy Review to begin in February
In our continued commitment to offer more than an insurance policy, the past two years we have conducted Annual Policy Reviews with our clients. This gave us an opportunity to confirm with our clients that they are getting the exact coverage they need. A year can mean a major difference in gross receipts, inventory levels and business operations. All of which can have a major impact on coverage limits and premiums.
Feedback from our customers said they appreciated this additional level of service, so we have decided to conduct Annual Policy Reviews again this year, starting in February. We have again partnered with Timetrade to make scheduling your review easy. In the coming weeks, you will receive and email allowing you to schedule your policy review when it's convenient for you. Using the Timetrade link in the email you will have access to the agents calendar showing the available times and dates.
You can make sure you are prepared for your review by gathering the following information:
1. Profit and Loss Statement
2. Balance Sheet
3. List of all current dive professionals (group PL only)
4. List of additional insureds
Being prepared will allow us to make the most of your valuable time with the best results. Keep in mind that the Annual Policy Review is meant to be a service to our clients. You are not required to participate in this program, but we strongly encourage it as it has helped many of our clients in the past. Your policy review is also a great opportunity to ask any risk management or coverage questions that you may have.
If you are not able to take advantage of a policy review with one of our agents, we still would like to make sure you are properly insured. That is why we will be attaching a "Policy Update" form this year. On this form you will be able to communicate changes in gross receipts, inventory levels and business operations.
We look forward to these policy reviews, and hope you do as well!
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Swim and Freediving Endorsement
 As of June 2010, we have added two new endorsements to both the individual and blanket/group Professional Liability policies, Swim and Freediving endorsements. In the past, our policy along with other policies in the dive industry have claimed that swimming and Freediving have been covered with no specific wording to confirm. Now, Witherspoon and Associates has developed policy wording that amends the Warranties section to conform to these two activities. A key feature in the Swim Endorsement was the reduction in minimum age from 7 years old to 6 months old. This endorsement also does not mandate a specific agency, provided you are following the warranties provided. The Freediving Endorsement represents multiple changes to the open water training requirements and should be reviewed before teaching a Freediving course so you have an understanding of the policy requirements. Most of these focus on depth limitations and common safety standards in the Freediving industry. If you have any questions regarding swim or Freediving and how your policy applies, do not hesitate to contact an agent in our office. We are excited to watch these two aquatic activities provide greater diversity for our clients and our policy will continue to evolve as the industry changes in the future. Andrew Wilson is VP and Director of the SCUBA Department. He can be reached directly at 615-600-4006 or via email at andrew@scubains.com |
