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:

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@cig-llc.biz

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