Becoming an attractive risk for underwriters

This post is part of a series sponsored by TSIB.

Insurers are becoming less willing to take risks and are raising premiums. This means that insurers are being selective about who they insure. If insurers continue to offer renewals to certain lines of business, they may decide to: All Contractors That class of insurance will see significant increases in premiums and cuts in coverage.

Both reinsurers and insurers are focused on reducing loss exposure and improving profit margins. As a result, they are taking a hard look at their exposure to high frequency losses and deciding to reduce their exposure.

Business Class

Insurance companies look at the class of business and decide whether to insure or deny a company based only on the class of business as a whole, not on the individual merits of any particular company within that class. In other words, it doesn’t matter if you’ve had no claims for 10 years or if your revenue increases every year. For example, if you’re a plumber, insurance companies can choose to stop accepting plumbers or issue quotes and dramatically increase your premiums.

Insurance application

The insurance application is your company’s only chance to tell the underwriter your story. Telling your story to the underwriter is important because they will be comfortable with your specific benefits rather than making a decision based on your line of business. The insurance application should be comprehensive and include the following:

This information is your Insurance application Filings are very important for both existing and new insurers. Their purpose is to alleviate underwriter concerns and make your company stand out from the crowd.

Working with highly specialized construction insurance brokers, TSIBcan help you make this happen because we know the details that underwriters require. Reaching out Visit TSIB today to learn more about our services and how we can work together.

topic
underwriting