A surplus lines broker may have twenty different submissions sitting on their desk at any given time. As an agent, this may make you break out into a cold sweat, particularly if your renewal is fast-approaching.
If you want your submission to make it to the top of the pile, it’s helpful to have a few things in line to increase the likelihood that we’ll get to you promptly.
- Provide an account summary.
An account summary is like a cover letter for your submission. It’s a 1-page sketch of your prospect, which gives your sales pitch to the underwriter. An account summary outlines expiring or historical premiums, notable exposures, and a concise narrative of your client’s business operations.
The account summary should also include any risk management or safety programs put in place. With an account summary in hand, the underwriter can quickly determine your submission’s pertinent without having to scan through pages upon pages of information. At Craig & Leicht, we save the suspense-factor for our horror films. Bring on the spoiler alerts in your account summary!
- Make sure your submission is complete.
If a surplus lines broker is overwhelmed with submissions, they will favor those submissions with all the details filled out. An incomplete submission might not reflect an accurate quote. Don’t be tempted to rush through the process and cut corners by leaving out necessary details.
If the agent adequately fills out the submission the first time around, the underwriter can confidently provide a quote, and you’ll be more likely to win the business. We want to know all about the company’s history, risk management, operations, target premium, past claims, and anything else that makes them unique within their industry.
- Give your broker a timeframe.
In a rush? We thought so. But, go ahead and tell your surplus lines broker all about your time crunch. We want to work with you. More importantly, we want to make you the superhero of your surplus lines saga. When you give us your submission, be sure to include when you need the quote and the target effective date.
If applicable, let your broker know when the current coverage will expire or if it’s at risk of being canceled and why. The Craig & Leicht team can go from fast to superspeed in a flash to expedite the process. We just need to know your deadline!
- Give your broker an overview of risk.
The clearer the picture you can paint, the better. Start by giving us a general description of the operations and growth outlook. We’ll need to know about the owners and partners and whether any staff or management has any professional certifications.
Then it’s time to dive into exposures. We need to know about any hazards within the workplace as well as any large or unusual losses. If there’s been an increase in their deductible, we’ll need to know why. Give us a lay of the land on safety protocols and employee turnover as well.
- Don’t leave us hanging.
Once you receive your quote, be sure you respond to the broker regardless of your decision. If you do not wish to proceed with us, we’d like to know why to improve our efforts going forward. We are open to constructive criticism!
At Craig & Leicht, we know that insurance markets are constantly evolving. We like a challenge, so we are passionate about providing quick, quality service. If your client wishes to proceed with the quoted policy, submit a bind request as soon as possible. If not, let us know to put our superspeed to work on the next stressed-out agent.