When the insurance coverage your client is looking for is sold an ocean away, putting a policy together can seem impossible. However, solutions arise from the problems that inspire them and cover holder insurance could be the answer your clients need.
Making the Decision
The majority of clients you serve may not require specialty coverage. However, many individuals may benefit from uncommon or non-existent policies. If any of the following factors apply to your client, procuring a coverholder may be the right avenue to take:
- Client presents risks that no existing policies have addressed
- Specific coverage is lacking in newly evolved industries
- Required policies exist, but cannot be purchased from local agencies
When these conditions present themselves, cover holder insurance can link you and your client to the appropriate agency to fulfill their needs.
How it Works
By aligning themselves with smaller companies overseas, larger agencies can be represented and conduct business in previously untapped markets. Correspondingly, the coverholder agency can draw upon the expertise, skills and influence of the parent company. The convenience of this partnership extends further to include the collection of premiums, taxes and associated fees on a local level rather than international.
Cover holder insurance not only brings more products to your doorstep, but it also delivers the world to your clients.