Producers who know the ins and outs of securing coverage for an art collection, expensive wine cellar or million-dollar foreign sports car may find that this expertise gets their foot in the door with some highly desirable clients.
“Agents and brokers may think the commission rate [on collector car policies] is not worth developing the expertise—but they need to think more broadly,” says Paul Morrissette, president of Chubb Insurance Solutions Agency and an expert in the collector-automobile coverage.
Related article: Growing Art Market Offers Untapped Opportunities, Access To Wealthy Clients
Consider this: Morrissette shares that he was at a car auction and struck up a conversation with a gentleman who admitted to having a $10 million collection. Morrissette quickly revealed he worked for Chubb and had an agent send a proposal.
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