The Trouble with “Apples to Apples” quoting: What if the Apples are Rotten?

The Trouble with “Apples to Apples” quoting: What if the Apples are Rotten?

July 11, 2018 Business Insurance and Risk Management, Personal Insurance & Risk Management, The Beacon Blog 0 Comments

In a recent blog written by David Thompson, CPCU, AAI, API, CRIS of the Florida Association of Insurance Agents, Thompson expressed his disappointment at agents who quoted “apples to apples” to their customers. Expanding on this concept, another response to those agents would be “What if the apples being compared to are rotten?”.

A fan favorite of many people, apples are a delicious and nutritious fruit. But, while they may keep the doctor away, they do have one minor flaw. Often times, while an apple may look appetizing on the outside, when you bite into it there are rotten spots not visible on the surface. Sometimes, the apple may even be rotten to the core. In this way, apples are very similar to insurance policies. They may seem to offer broad coverage on the surface, but when you “bite into them” you find coverage omissions or restrictive exclusions and conditions.

At the Beacon Group of Companies, when we review a prospect’s policy or insurance program, our aim is not to duplicate the existing coverage. On the contrary, we look for what is not there; coverage that goes beyond basic terms that should be part of that prospect’s insurance. Next, we look for exclusions in the current policy that could seriously restrict coverage or require additional insurance. Our goal is to provide better, more comprehensive coverage at a reasonable cost.

At The Beacon Group of Companies, we strive to fit your needs, not just to give you more of the same insurance you already have. If you would like one of our insurance experts to objectively and honestly review your insurance policy, schedule a free consultation today before buying another rotten apple.




About the Author

Harry Cylinder

Harry Cylinder, CPCU, ARM has spent nearly fifty years in the insurance industry, the majority of the time as a consultant. He has been employed by The Beacon Group of Companies since 2008, specializing in the review and analysis of property and casualty coverage forms. Mr. Cylinder has been reviewing policy forms as they have evolved over the past decades. In 2008 he published an article in the CPCU Journal which was the first description of cyber insurance coverage for a general insurance audience. Since that time he has regularly written on cyber and other topics for The Beacon Companies’ blog.