Denver-based Special Relationships Expert Witness
Understanding Special Relationships
In recent times, insurance customers have moved beyond trusting their agents to take care of them to selecting agents and insurance based on cost. This has moved the insurance industry more toward becoming a commodity and less of an intangible product. However, when something goes wrong, clients want more than a mere order taker; they want someone to advise them and to take care of them. What is an insurance producer to do in these situations?
Denver-based Richard Mintzer Associates LLC has provided insurance industry expert witness services, consulting and training across the country for more than 30 years. Having worked as a general agent for several leading life, health and property and casual insurers in the United States and overseas, Mr. Mintzer is recognized as an expert in most insurance issues, including special relationships.
Standards of Care Differ Based on Relationship
With such deep roots in the insurance industry, Mr. Mintzer and his associates recognize the dichotomy in the field between an insured's recognized and unrecognized needs. Many insurance customers believe a producer's duty is to give them the best coverage for the best price — that is, until something goes wrong. When a crisis strikes, those insured expect an insurance producer to take care of them, making sure their needs are met.
More and more courts are recognizing the cost-driven purchase of insurance and are rejecting the concept that insurance producers have a duty to be expert advisors to their clients. However, if a special relationship has been fostered between a client and a producer, expected standards of care and service may be greater.
Special Relationships Lead to Greater Responsibility
A special relationship occurs when an insurance producer takes an active interest in a client's situation and the client form complete reliance on the producer's insurance skills and knowledge. With these special relationships, it is expected that a producer will provide guidance and advice as to the best levels of coverage for each client's unique set of circumstances.
This greater responsibility creates increased exposure to legal liability. It is true, however, that having clients who rely on skills and not the lowest premium does wonders for persistency statistics and the bottom line. But when something goes wrong, the producer's professional services will be called into question.
To learn more about special relationships and reasonable duties to clients or to speak with Richard Mintzer Associates LLC about serving as expert witnesses, please fill out an online contact form or call 877-461-1656.
Richard Mintzer Associates LLC
5551 Jewel Creek Court
Boulder, CO 80301
Telephone: 877-461-1656
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