Agents Caught In Hard Market Crossfire
Not that long ago, the insurance market was so soft that an independent agent could submit a piece of business on a cocktail napkin and get three serious bids, all with a lower premium and broader coverage than the current carrier's renewal quote.
Today, agents have to submit the equivalent of a master's thesis before an insurer will even consider a new piece of business if it has the slightest blemish on its loss history. Even then, nine out of 10 carriers might still reject it, while the one that offers a quote cuts coverage in half and doubles the previous premium.
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