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Writing Contractor and Distributor Risks

Writing Contractor & Distributor Risks

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Quick Overview

Agents in the insurance business for any length of time most likely have at least one contractor and/or distributor insured. These two categories of business comprise an increasing percentage of risks coming into the marketplace especially as the economy continues to improve.

$129.00

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Duration 1 hour
Location Online Webinar
Formats Live
Instructor Chris BehymerChris Behymer

Agents in the insurance business for any length of time most likely have at least one contractor and/or distributor insured. These two categories of business comprise an increasing percentage of risks coming into the marketplace especially as the economy continues to improve. However, several years of rate reductions have placed added pressure on carrier's bottom lines leading to premium increases and heightened underwriting scrutiny for both contractors and distributors.

This session will cover many of the underwriting and pricing factors used by insurers to profitability write these growing classes of business. Topics include:

  • Basic underwriting information required to quote a contractor (type of work performed, experience, payroll, receipts, etc.). This includes both current and past operations as well as the percentage of work subcontracted to others.
  • The impact of recent ISO changes regarding Additional Insured endorsements.
  • The challenge of dealing with potential construction defect claims and the various risk management tools employed for single family tract home builders and contractors working on multi-family projects.
  • Proper rating of risks distributing products manufactured in foreign countries.
  • Importance of determining who uses the insured's products. For example, if the insured distributes aluminum clips it is critical to know if the clips are used for school backpacks or parachutes!
  • Challenges associated with situations where the insured assembles a final product or is involved in the installation for a third party.

While standard and admitted carriers willingly accept many of these risks, there are a small percentage of accounts that find their way to the surplus lines market. We will review the factors that specialty carriers use to evaluate these insureds as well as discuss some of the potentially problematic coverage forms that may be added to the policy.

$129.00
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