While the commercial property market continues to provide ample capacity for insureds, it is more expensive today, requiring more prudent underwriting after years of unsustainable erosion in terms and conditions. As the market continues to harden, rate increases are expected to continue, and losses from a record year of natural and man-made catastrophes have to be spread over any carrier’s portfolio.
Amidst this backdrop, Patrick Mulhall, CPCU, EVP, Commercial Property, U.S. Insurance, addresses growing frustration amongst brokers whose submissions seem to go unnoticed or fall to the bottom of an underwriter’s list of competing priorities. He offers tips for ensuring submissions end up at the top of the pile, stressing the importance of timing, knowing your risk, submission content, and transparency. His recommendations include getting out in front of the renewal date by at least 45 days for shared and layered submissions, taking the time to fully understand the physical risk so you have a clear handle on the losses, presenting the client’s information in a clear and concise format, and engaging supporting functions such as risk control, claims, catastrophe modeling, actuarial services and other underwriting staff.