This article is part of a series in partnership with TSIB.
Insurance carriers are shifting their approach, becoming more selective in the risks they are willing to insure and increasing premiums. This means that contractors may see significant premium hikes or reductions in coverage as carriers reassess their risk appetite.
Reinsurance and insurance carriers are actively working to reduce loss exposures and boost profits. This involves closely examining high-frequency losses and making strategic decisions to mitigate risks.
Assessment of Business Class
Carriers are evaluating entire classes of business, rather than individual companies within those classes, when determining insurance coverage. This means that even if a company has a strong track record, the carrier may decide to no longer insure that class of business or offer coverage at a much higher premium.
Insurance Submission
Your insurance submission is your chance to showcase your company’s strengths to underwriters. Providing a comprehensive submission can help underwriters understand the unique merits of your business, rather than solely focusing on the class of business. It’s essential to include key details in your submission to differentiate your company from others.
Effectively communicating this information in your insurance submission to both current and potential carriers is crucial. Partnering with a specialized construction insurance broker like TSIB can greatly assist in this process, as they understand the specific requirements of underwriters. Contact TSIB today to learn more about their services and how they can support your business.
Topics
Underwriting
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