Have you ever seen an item online and felt that you just had to have it? You purchase it, it arrives a few days later, and what you thought was going to be a quality item suddenly looks completely different in hand? Sometimes what you see at first glance isn’t always what reality is when you take a closer look, and the same goes for commercial auto submissions. This is why commercial auto underwriters utilize sources other than the apps, loss runs, and MVRs you submit to us in order to get a clearer understanding of a particular trucking account. Mainly, I am referring to CAB (Central Analysis Bureau) reports.
As many of you already know, these reports are widely used by trucking and public livery insurers. CAB reports quickly compile for us all public information currently available for any risk with a DOT number. This additional information helps us to validate how the risk is being reflected on the application, and sometimes it helps us to see that there may be some inconsistencies between what the application reflects and what recent public information about the particular trucker shows.
This conflicting information may or may not be a deal breaker, but it will likely mean that we will be asking some additional questions.
When these questions come your way, please don’t take offense to them, or think that we are trying to make life more difficult for you. It’s just part of the present-day process of truck underwriting and helps us 1) to confirm that the risk is being quoted for all known exposures, 2) to ensure that a fair and accurate premium is being developed, and 3) to help keep each of us out of potential E & O situations.
As always, we sincerely thank you for your partnership, loyalty, and each piece of business that you send our way.