Winning Commercial Lines Submissions
Not to be outdone by the PERSONAL LINES TEAM, Heather Gilginas has some similar tips for Creating a Winning Commercial Lines Account Submission:
We recommend you get started with applications DIRECTLY within UNDERWRITING PORTAL but if you are not able to bring an iPad or laptop, Acord applications are a good starting point in getting to know the risk.
Detailed and complete applications, submitted in a timely fashion, are key to helping us create a quote that best serves the insured’s interests. Please continue reading to learn how to properly submit an application, review a quote packet, and submit a winning bind request that will lead to a more simplified, stress-free process dedicated to providing the insured with the best coverage possible.
1) Submitting An Application
Client’s information
Name, type of entity, contact information, website
If General Liability (Acords 125 and 126)
Number of employees, payroll, receipts, etc.
If Property (Acord 140)
Location, square footage, age of building, construction type
Occupancy
Valuation of building and personal property
Any updates or improvements
Safety information like alarms, extinguishers, sprinklers
Provide a cover letter with information about the risk:
Your relationship with insured
Past carriers, related policies/coverage
Where you’ve shopped the risk
Current pricing/target pricing
Optional coverages of interest
Other asks or unusual exposures
Have you visited or seen the property/operations/etc.?
Give us a timeframe:
When you need the quote
Desired effective date
When coverage (if current) is set to expire/at risk of being cancelled (and why)
Overview of risk
Owners (past and present), partners, business reputation, etc.
Helpful professional designations/qualifications/certifications of staff and management
Description of operations and growth outlook
Any hazards that may exist (you can google common exposures for any industry)
List major projects or clients from past three years (or prospective if new venture)
Comprehensive understanding of things such as employee turnover, job site controls, sub-contractor controls, safety protocols and meetings
Loss Runs (Past 3 years)
Current and past carriers loss run summaries for entire account not just one line of business including the start date of the policy
If any large or unusual losses, please explain and provide any increased deductibles etc.
Helpful Resources
Brochures, websites, photos, safety measures, handbooks, articles from the media, replacement cost estimates, site maps, inventory list of equipment, financials, Business Credit Checks and reports, MVRs, etc.
Dos:
Get to know the client and the risk
Provide complete applications and review before submitting
Ask questions you may have once you’ve submitted an application or received a quote
Carefully review the quote packets including coverages, subjectives, and remaining required items
Once reviewed and presented to the client, submit a bind request as soon as possible if they wish to proceed. Be sure the documents are signed, dated, and completed by both the insured and the agent before sending back to us.
Remain patient. Policies with hair take time as we ensure that we are fulfilling all government, state, carrier, and underwriting guidelines.
Don’ts:
Rush through an application or submit incomplete information
Forget to provide a timeframe, overview of the risk, and any of the helpful resources, and loss runs
Forget to respond when you get a quote. Let us know if you do not want to proceed and why so we can improve our future efforts. We’re always looking for new competitive carriers and our markets change every year.
B) Supporting Literature
Any additional information you can provide that will support your application will help, including the following:
Photos
Loss Runs
Replacement Cost Estimators
ACORD forms
Questions? Contact AVP of Underwriting Heather@bigfootbinds.com