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Insurance: State of the Market 3/2021

  • 1.  Insurance: State of the Market 3/2021

    Posted 03-11-2021 11:19
      |   view attached

    I wanted to share some valuable insights with the CFMA group from the world class market insights team at Lockton.  We've compiled an in-depth overview of what to expect by line of coverage, and why. 

     

    10 Keys to a successful renewal:

    1. Engage key stakeholders in planning and strategy discussions
    2. Provide renewal exposures and completed applications timely
    3. Be prepared for highly scrutinized underwriting process
      • Detailed explanation of COVID-19 impact, both financially and operationally
    4. Business continuity plan
    5. Explain credit downgrades, distressed financials and access to capital
    6. Explain contractual risk transfer agreements
    7. Provide detailed documentation on controls (safety, cyber security, employee theft)
    8. Be flexible with virtual engineering/loss control inspections
    9. Share completion or progress plan of previous loss control recommendations
    10. Be available for last minute underwriter questions and requests for data

     

    -

    Dan Urias, CLCS, AAI

    Vice President

    Lockton Companies 

    Mobile 949-394-6528

    19800 MacArthur Blvd., #1250, Irvine, CA, 92612

     

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    ------------------------------
    Dan Urias CLCS, AAI
    Vice President
    Lockton Companies
    Irvine CA
    (949) 394-6528
    ------------------------------

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    State of the Market_2021.pdf   208 KB 1 version