Tips and suggestions for completing your Professional Liability renewal application

renewal application

Below is a list of tips and suggestions to complete your Professional Liability renewal application:

  •  Company name: Verify that your firm name is spelled correct and that if your firm is a LLC or Inc it is included.  This may seem like a small issue but it could become a larger issue when it comes to claim time if the firm name is not correct.
  • Website:  If you have a website be sure to include this in the application, carriers use this to gain more information about your firm.
  • Accounting year data:  This is your total billings section. Complete this section as you have in the past, so if it is based on a fiscal year or calendar year make sure you complete the same every renewal.  Secondly, the billings for sub consultants will be included in this section.  Some carriers will have sub consultants as a separate billing category but most carriers want total billings including sub consultants.
  • Discipline:  Are you an Architect, Civil Engineer, Interior Designer?  Do not include your sub consultants in this section, only complete for what services your firm provides.
  • Project types:  Include project type percentages for projects completed in the fiscal year or accounting year data completed.  If your firm had condo projects there is typically a supplemental condo application.
  • Risk management series of questions:  Most carriers will have a series of questions about your risk management practices in your firm.  Depending on how the questions were answered the carriers may give you an additional credit when they are rating your renewal.
  • Claims/potential claims:  These questions are important to answer accurately and with detail.  The carriers will ask for a claims history report from the agent (or they may already have the report) but the more information you can provide on a claim the better.  Carriers not only look at the numbers but the situation.
  • Signature/date:  Be sure you sign and date your application!!!

Your PUI Agent is always here to help if you ever have questions on the application.  Please let us know how we can help!

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