While the renewal application may seem repetitive each year and tedious at times, it is important to complete the application in full and accurately. Not only do you sign at the bottom stating it is accurate but completing it can help with your insurance premium.
The billings section is probably the most important piece of information needed on the renewal application. Always include the subconsultants’ billings and direct reimbursables, these can help in your premium. Including your projected billings could be beneficial as well. Additionally, if your firm has feasibility studies, reports, and opinions, include those on your application as well, even if it is just a portion of the project.
The project types are important. And not just the project types, but the specific percentages for the past year can make a difference in the premium. Insurance companies have different experiences with different project types and will be rated differently with each company.
Only include your firm’s services on the renewal application, even if you do have sub consultants. The insurance company only wants to know what services your firm is providing and if the sub consultants are included that can change the premium.
Always include your risk management services that your firm is involved in. The insurance companies love to see that your firm is taking a proactive approach to risk management.
If your firm has made a claim in the last five to ten years, include as much information about the claim as possible. Include your firm’s lessons learned with the claim details provided.
Lastly, if your firm has made any changes include those in the renewal application or in supplement pages. Changes such as firm name, ownership, or location.
If your firm has any questions with regards to completing a professional liability renewal application, please call, or email, your Professional Underwriter agent for assistance.