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
Share This Story
Related Blogs
Is One Massive Claim to Blame? What is the Real Result of My Sky-High EMOD?
Many have been there staring at a workers’ compensation insurance proposal, overwhelmed by a premium so steep it feels like a punishment. The explanation seems simple: one big, catastrophic claim has thrown your experience modification factor (EMOD) into chaos, leaving you with an astronomical bill.
Understanding Workers’ Compensation in Educational Institutions
Workers’ compensation is a vital component of employee benefits for educational institutions. It provides coverage for workplace injuries or illnesses, ensuring that employees receive the medical care and support they need while protecting schools from costly lawsuits. For administrators, understanding how workers’ compensation works and tailoring it to the unique environment of schools is essential for maintaining a safe and supportive workplace.
Winter Weather Oil and Gas Safety Tips
To prevent injuries and illness as a result of winter weather, it’s important to learn about the causes, symptoms, and safety considerations to take so you are prepared to handle winter’s worst. According to the Occupational Safety and Health Administration (OSHA), there is no exact temperature at which the environment becomes hazardous. Instead, factors such as low temperatures, wind speed, and wetness contribute to cold-induced injuries and illness.