6 ADJUSTINGTODAY. COM A D J U S T I N G T O D A Y • If not all of the finished goods are destroyed, how will the client protect its reputation for quality if a salvage company takes control of salvage and wants to sell it? (Potentially defective goods will be on the market with the client’s name on them!) Is there a brand and label endorsement in the policy, allowing the client to alter or remove labels? If so, who will pay for the removal or altering? Is the client prepared to buy the goods back if necessary? • How will the client measure their loss of income? For many businesses, the loss doesn’t stop as soon as the doors are reopened — it takes time to rebuild the customer base. Is there need for an Extended Period of Indemnity Endorsement? (Unless you have specific expertise in evaluating profit and loss statements, seek the guidance of the client’s accounting and loss consulting professionals before developing loss-of-income scenarios. In fact, you should always seek the advice of lawyers, accountants or loss consultants when their professional counsel is relevant.) Identifying Solutions After conducting both the loss scenario and dialog procedures with a number of clients, most brokers will be able to identify areas or sets of circumstances that present reoccurring problems. You can then develop a corresponding list of coverage solutions that can be recommended to the client. For example, in cases involving older structures that may no longer conform to building codes, the Increased Cost of Construction Endorsement is an obvious choice; and the Brand and Label Endorsement will help protect the manufacturer who is concerned about name recognition and the sale of salvaged goods. Of course, your specific problem/ solution lists will vary depending on the nature of the clients you serve. But risk assessment which carefully identifies losses that can strike a client, as well as insurance coverages that will maximize recovery, can be immensely valuable in building and maintaining a sound broker-client relationship. Not only does it result in a better insurance program for the client, it demonstrates the broker’s professionalism and interest in the client’s business — including Robb Greenspan, SPPA Adjusters International a commitment to help the client survive an otherwise disastrous loss. And it goes without saying that the broker who regularly follows and refines the practice will enjoy significant competitive advantages over his counterpart who does not!
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