What to look for when underwriting a general liability policy

Underwriters today have a thirst for reliable data but often face daunting research challenges to find it. They also face disjointed data sources that provide inaccurate and incomplete information. For general liability underwriting, you need reliable data that falls into three categories: the business itself, the actual premises, and the surrounding neighborhood. All three categories […]

General liability classification shouldn’t be a guessing game

Other than historical loss experience, there are three fields on an insurance application that lay the groundwork for a general liability quote: address (territory), exposure (sales, payroll, square footage, etc.), and GL class. Each field has its own effect on the underwriting process, but the GL class is arguably the most subjective. Verisk Insurance Solutions […]

Risk selection for general liability underwriters

Typically, when a general liability underwriter receives an application for insurance, the first task is to quickly determine if it’s a risk that can be written based on their underwriting guidelines. To maintain efficiency, underwriters swiftly review certain attributes to immediately reject an application if necessary. For example, if guidelines restrict writing general liability risks […]

Playing Restaurant Roulette with General Liability

There are more than 1 million restaurants in the United States, and anyone who’s ever eaten out can attest to the fact they are not all alike. From fast food joints and greasy spoons to haute cuisine and places you’d never consider going unless someone else was paying, the range is enormous. There are many […]

Deep dive on ProMetrix: Next Generation

Numbers are curious things. The overused business expression for seeing something from a high level is “a 30,000 foot view.” Professional divers, however, define a “deep dive” as anything from 60 to 100 feet below the surface of the water — a far smaller frame of reference. I guess it’s all relative, or perhaps directional. […]

The power of high-risk notifications — actually of on-site surveys

Sometimes the best way to make a point is to tell a simple story. An excess and surplus (E&S) lines insurer customer ordered an on-site survey for a multiuse building in a large city. When the Verisk field analyst tried to make an appointment to visit the site, the insured didn’t respond. The field analyst […]