Today I am working on two new submissions. The first being a funeral parlor and the second a security and consulting firm. Already cleared these through my underwiters but the important details are usually in the supplemental application.
This is what provides the underwriter with the details and procedures of what type of risk exposure the company will be insuring. It will have a major effect on whether or not a risk is accepted or declined. If accepted, it will directly effect the final premium assessed on the risk.
Fortunately, we are in a position where these risks should be underwritten, The security firm was a little more of a concern since it will include alcohol exposure and potentially could have used armed guards. This risk will not use armed guards.
THE RELATIONSHIP WITH THE UNDERWRITER IS KEY. The broker must always give a clear and precise assessment. If the broker has a good relationship with their underwriters than usuallly more times than not a risk will be placed based on the respect of the brokers knowledge and risk assessment of his cases.This will always carry through no matter which company and / or type of insurance is being underwritten.
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