System Processing
Should a decline memo be mailed or emailed to a member?
What is....Mail
It is always required to mail the decline memo. (Able to email in addition to mailing if desired)
What type of underwriting is required with "Flex vehicles under $10k?"
What is...Full Underwriting
See "Full Underwriting" KB article
When no underwriting is required do you rely on your agent assist notes or manually document your phone call?
What is....Rely on Agent Assist
When is it required to have a VALU activity?
-When there is a VALU stop rule
-When the vehicle is over $100k
-Full UWing any vehicle above $30k
When will a SUSP activity automatically load into the member's DT file?
When is...
When a Policy or Endorsement in a suspended area is issued with Other Than Collision coverage declined
When is it appropriate to use proceed to app?
What is...Commitment
-Member/agent states they would like to proceed with the policy
-Agent requests final review or total (items needed to proceed/bind)
When looking at a photo on a "Flex under $10k" risk what is important to look for?
What is...Condition
If NOT in good or better condition we must decline
Good- #3 Condition definition in HVT: Vehicles drive and run well but are not used for daily transportation. The casual passerby will not find any visual flaws, but these vehicles might have some incorrect parts. #3 vehicles could possess some, but not all, of the issues of a #4 vehicle, but they will be balanced by other factors such as fresh paint or a new, correct interior.
If you uncover during the phone call that the vehicle needs to be rated Modified, do you rely on agent assist notes or manually document the modifications in your call notes?
What is....Manually document
See "Agent Assist Documentation Procedure" KB article
What is supposed to be included in a VALU activitiy?
What types of coverage can we proceed with during a SUSP in ANY state?
What is...
Liability and Collision coverage ONLY
If I call Final Mile and have been waiting for 3 minutes what should I do now?
What is...Send a Case Pass to Underwriting
Please make sure when sending a case transfer to carefully REVIEW the "Department you are transferring to" segment description to make sure you are sending the pass to the correct place.
What body styles are we more accommodating with when considering a "Flex under $10k" vehicle?
What is...Coupes, Convertibles, Targas, Roadsters
-NOT Sedans or SUVs
When you are addressing holds in the system where do you document?
Where is...."Add Action" in the individual holds
-You can rely on agent assist for your call notes when address holds, but still need to document the answers in the holds themselves
If a vehicle is modified what are some websites where you can find comparables?
What is...
-Bring a Trailer
-Barret Jackson
-Mecum
-JD Power
IF there are 3 SOLD comps available, we want to use SOLD comps over FOR SALE comps.
If you have already issued a policy during a SUSP period for liability and collision coverage what expectations should you set for once the SUSP has lifted?
What is...
That we will add Other than Collision Coverage automatically and how much they will be billed for once it is added.
If the stop rule you get after proceeding to app is within your authority level what should you do next?
What is....Underwrite and set holds.
When reviewing a "Flex under $10k" vehicle what type of usage is and is NOT acceptable?
What IS:
-Hobby/Collector usage
What IS NOT:
-Errands/RUV activities/Back up vehicle
-HTO
What are some important things you should check when dispositioning your call to make sure that it is attached to the right place?
-What the name is in the "related to" box? Does it match the current member I just spoke to?
-When in duplicate profiles which one is it getting attached to? If accidentally attached to the wrong profile, re-relating it to the correct one
What are some common items we can request when needing value support documentation?
What is...
-Bill of Sale
-Build Sheet/Custom & MOD Worksheet (breaking out parts vs. labor costs)
-3 comparables for same YMM/body style to support the value
PLEASE do not request appraisals as members generally have to pay for them as well as what we really look for in them is the comparables anyway.
PLEASE no Receipts
When an active SUSP is in place in the state of CA what changes can you NOT make on an active policy?
What is...
Scenario: In conversation with the member they tell you they store their collector already insured with us in the parking lot at work. What steps should you take once you have confirmed the risk is truly unacceptable for our program?
What is.....Set Expectations for next steps
1. Advise this storage type is not acceptable for our program and ask if they are willing to find acceptable storage elsewhere.
2. Open the UNDE (either way b/c then UWD/UW can follow up on acceptable storage)
3. If not able/willing to find acceptable storage, advise them to begin looking for coverage elsewhere and that we will be reviewing for non-renewal
When asking about why they are wanting to insure the vehicle with Hagerty specifically what answers are generally acceptable AND NOT acceptable?
What IS acceptable?
-Friend/Family member recommended
-Wants Guaranteed Value, Cherished Salvage
-Sentimental value
What is NOT acceptable?
-Wanted cheaper insurance
-Needs to get their vehicle registered with classic insurance
When quoting a dune buggy what is required to manually document?
What is...Usage
Must confirm/document that vehicle is primarily used on the road
If used AT ALL for heavy terrain off roading we decline.
Scenario:
You receive a quote call for a Stock Clone 1973 Chevy Camaro 2Dr Coupe. HVT #1 is $30,500 for the 175HP engine option. It decodes as a base Camaro, but you determined from the conversation that it is a Z28 clone. They are requesting $60k. Would you approve this without requesting value support documentation and if so why? And if not, what would you request/do next?
Looking at classic.com there are at least 3 recent comps to support a Clone at $60k so should be able to approve this value without value support documentation. You will just want to make sure to include your comp examples in the VALU activity as well as your reasoning for why approving the value.
-https://www.classic.com/veh/1973-chevrolet-camaro-custom-coupe-1q87h3n135713-3n2Yam4/ ($68,200)
-https://www.classic.com/veh/1973-chevrolet-camaro-1s87t3n188509-4VR3a24/ ($110k)
-https://www.classic.com/veh/1973-chevrolet-camaro-1s87h3n124586-4MmQQl4/ ($66k)
In addition to checking if the member qualifies for GDD in California for a new business SUSP file, what other items/questions should we confirm prior to proceeding with coverage?
What is...