Question
Through a client referral, you have secured a meeting with a prospective customer. Her name is Sharon Jones. By the end of the initial telephone
Through a client referral, you have secured a meeting with a prospective customer. Her name is Sharon Jones. By the end of the initial telephone interview, you learned that she owns her own townhouse from which she runs a small catering business. To supplement her income from the business, she also offers personalized cooking classes from her home. Because her entire livelihood is earned in her house, she is looking for a comprehensive home insurance plan to suit her needs along with recommendations on a commercial insurance policy for her business.
Through further discussions, you learn that she owns some valuable jewellery inherited from her mother, a collection of Hollywood movie memorabilia from the 1930’s, and a home computer that she uses for business. Her kitchen is, of course, state-of-the-art, and features professional-quality appliances.
Since the home is situated in the city, far away from any bodies of water, we can generally assume that there is not a very high risk of flood. However, you have taken a look at the neighbourhood and discovered that it is a relatively high-crime area of the city
When assessing your client to determine her insurance needs, use the following questions to assist you:
- What three (3) aspects of loss should you consider in order to perform a risk assessment?
- Identify the subjects of insurance.
- What are the greatest potential perils of loss to physical property?
- List some other perils that may cause loss.
- What considerations will you take into account when estimating the value for potential financial loss?
- What advice will you give the insured?
- What recommendations for coverage would you make, including property and liability?
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