Every day we receive new business submissions from agents. We love seeing new accounts come across that we can delve into! Some agents really know their stuff and get us fully completed apps with all the extra bells and whistles needed for that spectacular submission. But many times we, as brokers, find the submissions fall short and we have to go back and forth to get all the necessary information that wasn’t provided. Perhaps you have to do that, too, with your insureds. We know how tough it can be! It ends up being time consuming for all involved.
So, in order to form a more perfect union between us, here’s a list of reasons we normally find we can’t quote your submission:
- There is no Insured name on the application. Trust me, knowing the name of the insured you are going to write insurance for is important. I know sometimes it seems we are mind readers but our clairvoyance doesn’t always extend to Insureds.
- The address is missing. Do they not have any address at all? Are they living and working in their parent’s basement and are afraid to tell anyone? If that’s true, we still need their parent’s address. I promise we won’t call their mom.
- Sales or receipts information is absent or just a guesstimate. It’s kind of important to give us that information so the account can be rated properly. Also, there’s a big difference between $100,000 and $1,000,000 in receipts. That extra zero can do a lot.
- The class codes are non-existent on the application. Yet another important piece of the rating puzzle. Those codes give our carriers a better understanding of what the liability exposure is. It also helps them determine the premium and any necessary exclusions.
- There is a bad explanation of the risk. Or no explanation of the risk. We really do want to know what the insured is doing! Plus sometimes the explanation helps solidify the class code to use, as there may be something that’s outside the norm. If the company has a website that’s the most helpful – make sure you put that down!
- Property apps don’t have any pertinent information. You can’t just write down the address and hope for the best. We have to know the year built and when the last updates were on ALL things (plumbing, electrical, roofing, etc.). Is it a single home or a duplex? A vacant building or a warehouse? These are the questions that keep us up late at night.
- The loss history hasn’t been included. I would LOVE to just take the insured’s word that they have never had a loss. Unfortunately, we need proof in this business. And please, please, send loss runs that have just been run within the last 30-60 days. We can’t hope that those loss runs you received in 2014 are still the same today.
- Expiring and Target premium hasn’t been advised. Nobody likes to spin their wheels, getting nowhere after a lot of hard work. If we know the insured’s expiring premium and what number we need to work at being at or under, then we have a better chance of getting you a quote that your insured will like.
When it comes down to it, we’re here to help you give your insured the best coverage for the best price. I know it may seem like we’re grumbling about these submissions, but it’s only so we can offer you our best. We want you and your insured to be happy!
Cathy Thurber has over 10 years’ experience in the insurance industry and likes to think she’s learned a few things along the way, one of which being to not take herself too seriously. She would love to say she has as many cool expertise’s as her fellow blogger, Ken Kukral, but she’s just not as old as him. Cathy is a voracious reader and a total word nerd. Most importantly, she’s been married to her favorite person for almost twenty years and has two kids that she actually likes. However, the dog is her favorite child and she’s been wheedling for a cat for years. Perhaps this is the lucky year?