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The loss of Wes Welker by the New England Patriots and Robert Kraft's explanation of the events that lead up to Wes' departure illustrate the importance of open, respectful communication in a relationship. According to the New York Times, "Kraft said that Welker's agent, David Dunn, misjudged Welker's value and that the Patriots offered a deal that was worth more than the one he took in Denver."
So what does the Welker situation have to do with insurance? Simple: an open, respectful and honest relationship with your insurance agent is a key ingredient to make sure you are properly covered. Insureds need to fully disclose what exposures they have and insurance agents need to be clear on what is and is not covered by insurance policies. This type of open communication helps to avoid problems down the road.
A customer recently called me asking about liability, collision and comprehensive coverage for a car he was intending to rent while on vacation in France. He was assuming that his policy would cover him but wanted to confirm. I was glad he called because his policy will only cover exposures located in the continental United States, its territories and Canada. As a result, his coverage would not follow him to France. I informed him that he should buy the coverage offered by the rental car company or check with his credit card company and ask if they would provide any coverage for his European rental.
While it isn't any fun telling an insured that he or she does not have coverage for a particular exposure, it is a necessary evil. As I mentioned to the insured who called, we would both much rather have the conversation described above before anything happens rather than after an accident.
It appears as though miscommunication may have cost Wes Welker the opportunity to retire a Patriot. The Patriots lost their most productive receiver and their fans are sorry to see him go. Miscommunication between an insured and his or her agent can be even more costly. Open, respectful and honest communication is a key component to providing individualized solutions to every Mid-State client.