The definitive guide to commercial insurance renewal
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What information do brokers need?
Commercial line of business Property
Data requirements • Location.
• Construction, ie frame, cladding, no. of stories, roof coverage and geometry,
door and window design.
• Occupancy, ie how the building is being used.
• Protection, ie sprinklers, distance to nearest fire station, contingency plans.
• Exposure, ie loss posed by neighbouring properties and surrounding areas.
• Values, ie building and stock values.
• Limits.
• Deductible.
For aviation, motor and marine risks the underwriter will be looking for information
about the fleet, volumes, activities, what's being transported and by which means,
values, routes and cargo storage locations.
Risk mitigation information For property damage and business interruption (PD/BI), underwriters will also be
looking to see how many of their recommendations have been completed and
which recommendations are outstanding.
For other lines of business, underwriters will be looking for information about the
different risk mitigation strategies that have been adopted and the outcomes.
Claims record Complete records/details that show the frequency and severity of claims for the last
5 yrs and beyond.
Typically, underwriters receive less than 50% of the data
they need to price a risk and exposure. What's more, if the
data is not provided then the likely outcome will be a higher
premium.
So, what data is required? The table opposite outlines the main
information that a broker and underwriter will need to assess and
price your risks.
RiskConsole comes with pre-defined, standard renewal
questionnaire templates, which relate to classes of business,
industry and underwriting pricing models. These questionnaires
can be easily adapted to meet your specific business needs.
Fact: Did you know that an underwriter can use up to 56 separate
data elements to price an individual property exposure?
