For Argo Environmental, customers can face multiple exposures at one time – including casualty, pollution, professional and site, Wideman says.
“We have to look at a lot more aspects of risk,” she says. “We need to know the full extent of the underwriting so we don’t miss something.”
When reviewing a submission, insurance underwriters need a comprehensive context of the situation, Corry says.
“Even broken out by certain areas of coverage, it’s important that the broker provides detail about the operation of the insured,” he says. “If they are a products manufacturer, we want to know the chain of commerce and who the end user is. If it’s something potentially more hazardous, such as a chemical manufacturer, we need to know the aspects of the chemical.”
Underwriters may not always be experts in the policyholder’s industry, so if a submission is full of that industry’s technical vocabulary, it could significantly delay the process.
“It requires us to research what the policyholder does in layman’s terms,” Wideman says. “If they, the agent, or the wholesaler can provide an everyday-person explanation of highly technical processes, that saves us time and gives us a stronger point for going forward.”
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