I stand here as a true believer in the incredible potential value of an astute master or mistress of the arcane and esoteric provisions of this thing we call an insurance policy. Note, however, a key qualifier: potential value. It does us little profit to bay at the moon of price, price, price, if we can't deliver solid proof to our clients and prospects of the clear advantages, particularly come claim time, of working with us instead of the latest online or big box store insurance game-changer.

The truly great news this New Year? As regular readers well know, such proofs are shown here in every monthly column. And this plethora does not even require an extensive journey through manuscript or unique carrier products. Here are just a few gems gleaned from standard ISO forms:

• How an unawareness of the specific definition of “residence premises” can result in a total claim denial for any loss to a home, even if the daughter of the insured still resides there
• How the difference between fictitious name and actual legal entity can result in unintended coverage consequences—and audits
• How failure to actually read a personal umbrella form made the crucial difference in advice given to an insured renting a car while on vacation in Ireland
• How an insured discovered his loss assessment coverage provided by his HO-6 was truly a wonderful benefit—until the assessment was for a flood
• How the definition of “mobile equipment” in the BAC and CGL can mean a difference of millions of dollars in liability protection
• How “loving what you believe the policy provides” is far different than the reality of what the policy says—and how the difference can turn a righteous claim all wrong
• How choosing the wrong “coinsurance waiver” option in a business income policy risks creates a tougher coinsurance requirement—and that's actually the best outcome
• How too many agents use agreed value in situations in which the commercial property values are unclear—only to find the option penalizes any insured who doesn't provide accurate values
• How in the BOP, the seasonal Increase may not be, the business income generous but insufficient and “no coinsurance” misleading.

These are just selected examples from the last two years of this column. These examples are not meant as an endorsement of ISO over other forms providers, or even to prove that the higher priced coverage is always the higher quality. But they represent a portion of the incredible potential value lying in wait for those willing and able to appreciate the depth and variety of insurance. As the examples prove, many of these differences come home to roost in everyday, common situations.

So I return once again to the statement of faith expressed in my September 2013 article: “Insurance a commodity? I think not! For my money, this evolving, fluid coverage marketplace is more accurately appreciated as the fields being white unto harvest!”

You're not a commodity; neither should your product or service be. The 2015 fields await. Happy New Year, my friends!

Chris Amrhein, AAI, is an insurance educator and speaker, and serves as the chief fun officer at insuranceisfun.com.