Ethical Considerations — What Do You Think?
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In each edition we will present a brief ethical scenario to help highlight the issues and concerns in making ethically sound decisions in our increasingly complex world.
- Why is this bothering me?
- Who else matters?
- Is it my responsibility?
- What is the ethical concern?
- What do others think?
- Am I being true to myself?
- If Bob gives advice that he is not capable of giving, who might be harmed?
- Does the fact that Jane is a neighbor make a difference?
- If Jane is used as a resource, is Bob risking anything? Is it an acceptable risk?
- Whose interests need to be protected?
- What options could Bob explore to make this a win-win situation?
"To Quote or Not To Quote"
Bob, principal and owner of The Elmwood Agency, is approached by his neighbor Jane. Jane is the CFO of an emerging technology company specializing in nanotechnology. Bob has built his business and reputation in the marketplace by specializing in finding solutions for his affluent clients' personal insurance needs. Last year, Bob worked with Jane in placing coverage for her houses, auto, valuable articles, fine arts, etc. In doing so, he proficiently addressed gaps in her coverage and structured a personal insurance program that matched her lifestyle needs at an affordable price.
Jane, pleased with her experience and trusting Bob to be a good "insurance guy," approaches him to structure a comprehensive P&C program for her business.
After much explanation, Bob still does not understand what "nanotechnology" means. He senses that Jane will have worldwide expenses for property, liability, WC, umbrella, D&O, EPLI, and many other areas where Bob does not specialize. Bob also believes in Jane's business plan and senses her needs (and premiums) will grow in short order.
Bob knows that Barbara, a reputable competitor at The Pinetree Agency, specializes in technology and emerging technology needs, and in fact is acknowledged by most in the area as "the source" for placing nano-tech coverages. He wants to work with Jane but inwardly acknowledges his limitations. Bob is concerned that partnering with Barbara, who also has strong specialization in high-end homeowners, could jeopardize his hold on Jane's personal account.
What should Bob do?
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Points for Consideration
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Submit a Scenario
We all encounter ethically challenging situations from time to time. If you'd like to submit a brief scenario to us, please click here to send us an email message.
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