Components of a Great Wholesale Insurance Submission
A question I’m often asked as a wholesale insurance broker is ‘what are you looking for in a submission?’ Well, for different lines of coverage, this can mean different things. But overall, there are three things that fit just about every submission.
In a world where instant gratification and timing is everything, having what we need up-front allows us to provide the best service possible to our retail agents, which in turn means they can provide the best service possible to their clients.
So, what are the big three?
The first thing we need is the application. New business or renewal application, it doesn’t matter. We just need complete information. Most importantly, we need to know what the insured is doing? Are they a lawyer? An accountant? Title agent? We need a clear description of what service the insured is providing, and what and who needs to be covered in the policy.
For a law firm – a fully completed area of practice grid, a roster of all attorneys to be covered under the policy, and policies & procedures they have in place to run the firm. These are all important aspects of rating and analyzing a firm for coverage.
The second most important thing is the expiring policy information – if they are currently insured. While we understand a copy of the policy is not always available or offered, we at the very least need the limits, deductible, and retroactive date to be able to properly rate and quote the account. In addition, being given a target premium is always helpful – that makes it easier for our underwriters and I, to determine who is competitive, and who isn’t.
Sometimes when we are trying to win new business – we don’t always get the full picture – but the more pieces we can get, the better.
The final piece to the puzzle is claims information. If the insured has had claims in the past five years, regardless of how much the loss was, we need to know. A 5-year loss run is the most important part, so that we can accurately see the loss information, dates, and claimant names. In addition, any claim supplements providing more detailed information on each loss is extremely helpful.
Underwriters need to understand what happened, who was involved, and what has the insured done in the aftermath to avoid this happening again in the future? Were policies and procedures updated? Were employees at fault let go, or disciplined?
Claims don’t always have to mean extreme premium hikes or E&S insurance markets – that is why we urge you to tell us the story. Claims happen, that is why we have insurance.
As a wholesale broker, we are here to assist you in placing the business – even if that means limited information. But the more complete and comprehensive information we have up front, the quicker, and more valuable our service and terms will be.
About the Author
Jaimee Williams-Caldwell is a professional liability insurance broker with Founders Professional, and is based out of Boone, NC. Jaimee assists retail insurance agents across the Country in securing professional liability insurance solutions for their law firm clients. Jaimee can be reached at [email protected]