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Who will write an HO3 for a client with a recent BK? Companies have turned it down left and right. Which carriers write this now?
Thanks

Ok --- so we know what an HO3 is, but what the hell is a "BK" ???

njexpat wrote:Ok --- so we know what an HO3 is, but what the hell is a "BK" ???

bankruptcy!

What state is the risk located in?

I know of a few co's in Florida that will write a bankruptcy.

In CA. Finally bound coverage with Foremost.

In CA, there is no reason for the company to know the clients credit history. We do not do credit scoring. Are you sure this is why it was turned down?

California Homeowners Insurance

All of my companies request information concerning bankruptcy, and foreclosure/preforeclosure. This is public record information, as is repo's of homes and rental property. Both can be obtained without doing a credit report. Both are reason for many companies declining coverage.

pita3333 wrote:

njexpat wrote:Ok --- so we know what an HO3 is, but what the hell is a "BK" ???

bankruptcy!

I'm airing a pet peeve that I've had for a long time on many of these posts. That is the arrogance of a lot of the posters in assuming that we all know the Jargon that they use. Like njexpat, I had no idea what a BK was. I think that it was rude of pita3333 respond with bankruptcy! with the Exclamation Point like EVERYBODY should know that.

Sometimes I have seen, as abreviations, infrequently used insurance terms that in 27 years in the business I have never heard or seen abreviated. And sometimes like the term BK which I googled and did not get Bankruptcy as a response. I also do not know anyone in the financial industry that uses that as an abreviation.

This is a plea for everyone to use English for ucommon abreviations. it will make reading this forum easier and more informative for all of us!

I believe the abbreviation of 'BK' comes from how it's listed on a credit report...and at least in my world, it's most often referred to that way by people who have daily interaction with credit type issues.

I think many of us regular readers and perhaps posters have 'pet peeves' with certain postings or individuals doing the postings...mine is the regular posting by those either new to the biz or coming from a captive insurance environment who throw out the question asking for line by line help in opening a new agency, as if there's some kind of formula and set of instructions that can be published on a web board to just go and open a successful agency. My answers have ranged from polite to sarcastic to those kinds of posts, and if my sarcasism offended anyone, then I guess this is my public apology.