During busy periods when underwriters are flooded with submissions, it will be the most thorough submissions that will get the best response from underwriters and thus the best terms for your clients. Why? Underwriters may not have time to follow up with brokers about the holes in their submissions. So, what can you do to get your submissions to the top of the pile? Here are five items to keep in mind:
- Make sure your statement of value (SOV) is thorough and includes detailed information about construction, occupancy, protection, exposure (COPE). Putting the SOV in a separate Excel file speeds up data entry. Include any professional appraisals, previous inspection reports or anything else that would help qualify the risk. For more information, read “Watch Out for These SOV Red Flags,” an enVision article from 2018.
- Include five-year loss history with an explanation and details of any large losses (over US$250,000). Action the insured has taken to prevent/mitigate future losses is also valuable information.
- Detail your requested coverage. Include expiring pricing and terms and conditions, as well as target renewal pricing.
- Include financial statements if available. Financials both help underwriters assess a company’s financial health, and can often lead to better understanding of their operations.
- Provide business interruption worksheets. Templates are available on AFM Online, AFM’s portal for brokers and clients, or by calling your production underwriter.
AFM’s premium threshold is US$50,000 to US$750,000 and we insure locations in 77 countries. For information on AFM’s risk appetite, check out this Risk Appetite Snapshot, which outlines the six industries we focus on, our top occupancies, as well as examples of the many business types we insure.
AFM underwrites on the qualities of each individual risk. If you would like to know if your client fits our risk appetite, please speak with your production underwriter.