Insurance Journal Forums

Posted: **Thu Apr 05, 2007 7:49 am**

I have a CoverX contract on my desk for execution. I'm interested in reading about the good and bad of this market (First Mercury). It would be a national appointment. Thank you in advance.

Posted: **Thu Apr 05, 2007 12:45 pm**

They are an open market, so if you don't have them, all your competitors will....they are aggressive with Fire Sprinkler contractors and Security services. Unless they are asking you for a large volume commitment, sign the contract!!!

Posted: **Thu Apr 05, 2007 1:29 pm**

If you are asking about the carrier that CoverX used to quote, one place any agent should start is by looking at the carrier's AM Best Insurance Report. The full report is a wealth of info about a carrier and should be a part of your due diligence before placing business with a carrier you are not familiar with. More reliable than web forums

Posted: **Fri Apr 06, 2007 5:04 am**

Thank you LadyBroker. The appointment has no premium commitment. Do you have experience w/ CoverX dealing with Contractors. As far as open market, do you mean any wholesaler can get a contract with CoverX?

Posted: **Fri Apr 06, 2007 9:52 am**

There are wholesalers that have access to coverX. I have placed coverage with First Mercury through CRC Sterling West and Crouse.

Posted: **Fri Apr 06, 2007 10:38 am**

Every wholesaler I know has Cover X, but I also believe they work with some retailers direct.

Posted: **Fri Apr 06, 2007 2:14 pm**

I don't know much about them but since you asked I will tell you about my one experience with respect to their Security guard program. I received a quote from them for a customer and they attached an "exclusion of specific work" endorsement. This endorsement severly lmited coverage (the list is quite long but included apartments, any location that had a swimming pool, any place alcohol was served, any retail establishments when they were open for business hours, schools, fast food restaurants, fairs....and the list goes on). My insured said "Well then just WHAT am I covered for? and I agreed it was too restrictive. However, they were cheap at $8,500 for my customer. We placed them with another national program (Everest) for $14,000 with much better coverage.

Posted: **Mon Apr 09, 2007 10:39 am**

Rob: Did you try to buy back the exclusion?

Posted: **Fri Apr 13, 2007 7:53 pm**

pita3333 wrote:Rob: Did you try to buy back the exclusion?

The problem was you would have to declare the activity. My customer's challenge was that he was procuring new contracts and wasn't 100% sure which categories he was going to land contracts in. So we went with another carrier that didn't have that exclusion and had broader coverage anyway.