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The difference is in the details

The difference is in the details

What’s so hard and time-consuming about quoting commercial auto insurance? I mean you have a driver, a truck, and cargo. If only that were all. Over the past several years - as many commercial auto insurers have left the commercial auto market - those remaining have had to become more selective about the classes of business they are willing to write, have increased rates, and have created more underwriting parameters and requirements in areas like years in operation, amount of growth that has occurred, and class-specific experience of management and drivers.

The details you provide on submission can not only provide opportunities for your underwriter to apply additional credits that may otherwise go unnoticed but may also open the door to additional markets that might have otherwise been unavailable. Too often I am seeing semi-completed applications without the finer details needed to set the risk apart from every other submission we see. 

If you are working a Non-Emergency Transport risk, you will need to know about contractual requirements. We are seeing contracts that are requiring symbols 1 or 2, 8, and 9. These same contracts are at times requiring specialized wording for which company approval may be difficult to obtain. Another detail that makes a difference is if the applicant has specialized equipment installed in the vehicles for this operation.

If you are quoting a trucking account, ask your applicant about their years of experience hauling similar commodities, how many years of management experience in this field, years of CDL experience for each driver, dates of hire for each driver, anticipated growth for the upcoming year, and about their hiring practices. For example, will management only hire drivers with a minimum of 5 years of CDL experience and with no accidents or violations on their record?

Quoting a risk isn’t only about the applicant’s history but also about how they plan to move forward. A risk that has details of how they plan to move forward is one that you can plan to move forward with

Posted by Matt White, Commercial Auto on Oct 26, 2020