Tips for a Fast and Easy Quoting Process
Hi there! Some of you may remember Kiwi, US Assure's cutest and most aloof mascot. He's here to celebrate Happy Cat Month, and nothing makes him happier than an efficient quoting experience for you ... except treats. But it's a close second.
So let's talk about things that you can do to make your next submission an absolute breeze.
First things first. Whether your client's project is $500,000 home or a multimillion-dollar sports complex, you can save time by preparing the documents you need for your application. Heck, we even have a checklist to help!
When it comes to saving time on the most basic projects like residential or commercial new construction up to $10 million, make sure you've prepared the needed documentation.
Sometimes your project may trigger a hold. Maybe it's your project values, sub-limit increase, or even endorsements you chose. No matter the reason for the hold, underwriting will review and get back to you quickly.
Remember, just because a hold is triggered doesn't mean a no. We're still interested. Our underwriting team just wants to take a closer look.
Remodeling is a little more complicated, no matter the value. But being thorough will save you a lot of time. When you submit an application for remodeling builders risk with us, there's an area you can type in details about the project. So, underwriting has a clear picture of the work your client intends to perform. The more detail you provide, the better. But I can't tell you how many times I see only the word “remodel” in that little box.
After all, there's a big difference between changing out drywall and knocking out a wall to add square footage. So make sure the scope of work you provide is thorough and accurate. For our underwriters, there's no such thing as TMI.
If the renovation includes restructuring, you'll be required to provide a copy of the stamped engineering plan. The sooner it's provided, the faster the underwriting process will go.
Since the coverage form offers collapse, Zurich wants to ensure the engineer has signed off on the work to be performed.
Now let's cover commercial accounts 10 million and over. Whether it's new construction, remodeling or installation, these accounts have a lot of moving parts, so our underwriting team requires more information to properly rate the risk. Just like other applications, you can speed up the process by preparing information upfront.
We'll need the construction cost breakdown, construction timelines, the percent complete if construction is already started, and possibly a site map. We want to get a better understanding of the particulars of the risk
While filling out the large commercial application, the system has an option to upload attachments for underwriting review. If you don't see this option, underwriting will still reach out to you. Preparing these documents in advance will save you time. And double-check that your application matches the additional documentation you provided.
We've seen applications submitted as masonry noncombustible. But when the cost breakdown comes in, there’s a $7 million lumber charge. To quote an old favorite TV show of mine ... “Lucy, you got some ‘splainin’ to do.”
Well, I hope these tips help make your quoting process even faster. If not for yourself, do it for Kiwi.
‘Til next time.
This is intended as a general description of certain types of insurance and services available to qualified customers. Any description of policy provisions is meant to give a broad overview of coverages and does not revise or amend a policy. Refer to the policy coverage form for a complete representation of the scope of coverage, terms, conditions, exclusions and more. The policy is the contract that specifically and fully describes your coverage. Some products may not be available in all states and may only be offered on a non-admitted basis. Product availability is subject to change.
