As an independent agent working with a wholesale broker, being prepared with the right information makes all the difference! A complete submission speeds up the quoting process and helps secure the best coverage options. Below are key items needed for a quote—and why they matter.
1. Supplemental Application
Specialty markets often require supplemental applications to assess exposures and coverage needs. Providing a complete and well-documented application improves the chances of securing better terms and pricing. Reach out to a member of our team if you are unsure which application to use.
2. Acord Applications
Supplying the applicable ACORD forms provides standardized essential details for insurers. Completing these ensures accurate risk evaluation and speeds up the quoting process, especially when paired with a supplemental application.
3. Description of Insured’s Operations
Think of this as your chance to tell the insured’s unique story! What does the insured do every day? A clear and specific business description helps underwriters assess risks and tailor coverage. Highlight services, safety measures, and unique aspects to ensure the best options for your client.
4. Large/Heavy Auto Fleet Considerations
For accounts with large or heavy auto fleets, underwriters may request Motor Vehicle Reports (MVRs) for drivers and a complete fleet schedule to assess risk. MVRs help evaluate driver safety history, while a fleet schedule provides details on vehicle type, usage, and safety features. Supplying this information upfront streamlines the underwriting process and improves the chances of favorable terms.
5. Currently Valued Loss History
A loss run report (updated within 60 days of the effective date) offers insight into claims history and risk exposure. Significant claims over $25,000 or open claims should include details on corrective measures to improve underwriting confidence and secure better terms. Underwriters rely on this report and details to evaluate past claims, assess potential future losses, and determine appropriate pricing and coverage terms.
6. Target Premium
Providing a target premium helps brokers align coverage with financial expectations and ensures efficient market placement from the start. Target premium also helps determine which department or market is best suited to quote the account, ensuring it gets placed with the right underwriting team from the start.
7. Need-By Date
Timing is everything! Communicating the deadline prioritizes the submission and helps avoid delays by ensuring it is sent to carriers that can meet the required turnaround time.
Key Takeaways
A complete submission ensures efficiency, avoids delays, and helps secure competitive terms. From applications to loss history and fleet details, organizing these essentials sets everyone up for success! We’re here to make this process as easy as possible for you. If you have any questions or need assistance, reach out to our team—we’re happy to help!
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