Pay Now
Client Login

Purchasing Environmental Insurance: Underwriter Submissions

When considering the purchase of environmental insurance, one of the first steps is a complete submission to an underwriter. Complete submissions are rare. Those submissions that are graded as “A” submissions are few, but they get the most attention and have better chances of getting better terms, conditions, and pricing. In the environmental insurance arena, a complete submission can be well over a thousand pages. The winning submission to an underwriter contains:

  • Completed supplemental application including areas that do not apply as “not applicable”
  • A list of all key people’s resumes
  • Sample contracts, whether real estate, master service agreements, or construction
  • Two years of financial statements that include a balance sheet and profit and loss, including any schedules
  • List of the five largest clients and type of work performed for these clients
  • Marketing material used in marketing your company to prospects and clients
  • A list of your company’s awards, achievements, and associations, as well as any positions held within associations and any white papers published
  • If site coverage is being applied for, then a characterization study, all reports, phase I, phase II, groundwater testing results, maps, aerial photos, and other site plans must be submitted

It takes time to put together a good submission for your underwriter. In some respects, it’s true that your submission competes with other companies’ submissions that are also trying to get the best terms, conditions, and pricing. Offering your agent and underwriter all the information they need to tell the story of why your company is best-in-class is essential.

About the Author

Tom Caraway
Tom Caraway
Tom currently serves as the Practice Leader of the INSURICA Environmental Practice and is Co-administrator of the Oklahoma Vocational Technical Schools Program, all affiliates of INSURICA. Tom specializes in a variety of risks with an emphasis on environmental accounts, educational Institutions, large property and contracting accounts.

Share This Story

Stay Updated

Subscribe to the INSURICA blog and receive the latest news direct to your inbox.

Subscribe to the blog

Related Blogs

Responsible Chemical Storage, MSDS and Spill Preparedness

May 30th, 2023|Blog, Environmental, Safety Tips|

At INSURICA, we recognize the significant concern that managing chemical-related risks poses for environmental businesses. To ensure a safer work environment, it is crucial to prioritize proper chemical storage, understanding Material Safety Data Sheets (MSDS), and being prepared for potential spills. These elements are essential facets of effective risk management.

Creating a Cybersecurity Culture

May 24th, 2023|Blog, Commercial Insurance, Construction|

Employees are an organization’s first line of defense against cybercriminals. For this reason, they are also commonly targeted. In fact, the vast majority (88%) of data breaches are caused by employee mistakes, according to Stanford University. Unfortunately for organizations, a single mistake can result in costly losses, reputational damage and lost or stolen data.

Healthcare Industry Trends to Watch

May 23rd, 2023|Blog, Commercial Insurance, Healthcare|

The healthcare industry plays a vital role in the U.S. economy, providing medical services and coordinating care for patients. It is an industry that constantly evolves, facing challenges and trends that require attention and adaptation. In this article, we will explore some of the key trends in the healthcare industry and their potential implications.

Go to Top