Coverholder Underwriting Reviews

This is not a Compliance-based review as there are plenty of checks and balances already in place for such matters. We seek to take on some of the responsibility of the DUA team for evaluating the work that Coverholders are doing on their behalf.

Our intention is to provide a summary, and to make any appropriate recommendations regarding:

1. The Contract

  • Ensure no anomalies.

  • If applicable, identify year-on-year changes to Contract T&C to ensure that the current year protocols are being followed.

2. The Underwriting Guidelines

  • Check for contradictory instructions (often happens when Guidelines are amended over time)

  • Make suggestions to Client regarding possible improvements or items to consider.

3. Selected underwriting files.

  • Review Application and highlight any key missing information.

  • Verify that Quote reflects what has been requested via the Application Form or explains why any requested factors have/cannot be offered.

  • Ensure limits offer adequate insurance-to-value whether RCV or ACV compared with sqft.

  • Quote, Binder and Policy; check they all match regarding Premiums, Forms, Commissions, etc. Highlight anything that falls outside of agreed parameters, such as manuscript forms, unusual policy fees.

  • Verify that the underwriting is being carried out by Named individuals.

  • Check timescales for processing and issuing documentation.

  • Ensure Contract requirements are being adhered to; policy limits, territory, exclusions, etc.

  • Cross-check individual risks against Underwriting Guidelines to confirm these are being followed.

  • Use various tools to review the property at risk; these may include distance to coast (salt), general condition of the buildings, crime index, business website if available.

  • Review Inspections as applicable and check that information, including sqft, construction, age, updates all reflect the information on the App and any subsequent correspondence.

  • Determine what action is taken, if any, where there are discrepancies between Inspection and original underwriting information.

  • Recommendations: advice to retailer, follow up, action.

Having completed our investigations, Tri-Mac will compile a File Findings Report for each risk reviewed which will provide direct commentary from the Reviewer as appropriate.

In conclusion there will be a list of Recommendations set out in High-Medium-Low categories.

The above is intended as a summary of our offerings to our clients, Individual requests and contract specific requirements can be accommodated as needed.