One of the most important aspects agents and brokers should discuss with specialty insurers is loss control. Good specialty insurance companies have robust loss control programs that have seen a wide variety of exposures. Agents and brokers would be wise to listen to their specific . . . (Credit: FGC/Shutterstock)
Is it time to enter the world of specialty markets? It's a question most agents and brokers will ask themselves during their career, especially as they look to expand their books of business and grow their revenues.
Developing your own unique niche in a specialty area such as marine, entertainment, art, livestock or aviation brings plenty of potential rewards. But it can also bring serious pitfalls. When agents and brokers go all-in without fully understanding the frequency, severity, and types of losses their insureds may face, their hopes for a lengthy career in a specialty market get hit with the unfortunate — and sometimes shocking — financial reality of a severe loss.
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