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Started By
Message
re: Commercial insurance / legal question
Posted on 9/17/14 at 7:26 am to Placebeaux
Posted on 9/17/14 at 7:26 am to Placebeaux
In my limited experience with brokerage, it's a pretty small industry. Don't give them your financials and word gets around you have something to hide or that you are in trouble. You probably don't want that kind of stink on you.
Refusing to give your financials is going to look suspicious. That's my Eula arse guess for this situation.
Refusing to give your financials is going to look suspicious. That's my Eula arse guess for this situation.
0
Posted on 9/17/14 at 7:27 am to Placebeaux
quote:
I'm not giving them my financials. We're a private company.
How much did the audit say you made?
Posted on 9/17/14 at 7:30 am to Placebeaux
quote:
I'm not giving them my financials. We're a private company.
They are basing the GL premium on your financials. They have the right to audit.
Posted on 9/17/14 at 7:31 am to nm1230
GL exposure is either based on sales or payroll/sub costs
Posted on 9/17/14 at 7:34 am to Placebeaux
We have to submit financials every year at renewal
Posted on 9/17/14 at 7:37 am to yellowfin
Some companies when you hit certain premium levels, it's just the way it is. His concern should be having the best Policy, coverages, and premium and not not having to submit financials
Posted on 9/17/14 at 8:22 am to Chad504boy
We do GL audits every year after the term. Every other GL wants gross sales and that's no problem. This GL wants tax returns for the past four years and a whole bunch of other stuff including resumes . I can give them gross sales but a resume after being in business for 10 years is ridiculous.
All of this could have been avoided if the agent would have disclosed this info to me before and not after the renewal.
All of this could have been avoided if the agent would have disclosed this info to me before and not after the renewal.
Posted on 9/17/14 at 8:33 am to soccerfüt
quote:
soccerfüt
quote:
link for Louisiana Companies
I think (know) there are much better agencies out there...
Posted on 9/17/14 at 8:40 am to nm1230
quote:
They are basing the GL premium on your financials. They have the right to audit.
Ding ding ding. This is the correct answer. When you paid your policy, you entered into a contract with them and the contract stipulates you must comply with their audit demands. All insurance companies do this.
-signed an underwriter with his CPCU and knows what he is talking about unlike the majority of people in this thread.
Posted on 9/17/14 at 8:46 am to jscrims
look people end of the year audits I do all the time thats routine I've never had a GL ask for this much before they will release the policy and if it would have been known beforehand that they needed this I would have gotten a different GL and never entered into a contract with them
Posted on 9/17/14 at 9:06 am to Placebeaux
quote:
look people end of the year audits I do all the time thats routine I've never had a GL ask for this much before they will release the policy and if it would have been known beforehand that they needed this I would have gotten a different GL and never entered into a contract with them
I'm assuming you chose them because either the coverages were better and/or their pricing was better. It's possible they are able to offer better coverages and better pricing because they have a more thorough underwriting process. (More detailed financials and resume experience)
Are your saying you have a problem with agent for not informing you that they could ask for financials and that is the issue? Or that you flat out refuse to provide regardless of what the pricing/coverages offered are?
Edit: I see you clarified your issue above. The issue is both with the company and agent.
This post was edited on 9/17/14 at 9:12 am
Posted on 9/17/14 at 9:09 am to Placebeaux
quote:
I would have gotten a different GL and never entered into a contract with them
What is the insurance company name that you are with? (not the agent)
Guaranteed if you look on quote, its on the subjects to bind list.
Posted on 9/17/14 at 9:13 am to Placebeaux
PB, I get where you're coming from regarding financials. I don't give 'em to every numbnuts that asks for them, esp. after being in business 17 years.
That said, if they're good. you can sometimes work them for a better rate. They aren't just looking at your sales from a G/L risk standpoint, they are evaluating the business from a financial risk standpoint.
That said, if they're good. you can sometimes work them for a better rate. They aren't just looking at your sales from a G/L risk standpoint, they are evaluating the business from a financial risk standpoint.
Posted on 9/17/14 at 9:17 am to VetteGuy
Honestly, the company probably isn't even evaluating much of shite, they are just looking for pieces of paper to throw in their file.
Posted on 9/17/14 at 9:36 am to Placebeaux
Assuming this is in LA, look at RS 22:873 (generally, delivery of policy is subject only to insurer's requirements regarding premium payment).
Could be that policy issuance is predicated on the disclosure requirements, and you are currently operating under a binder.
As to the premium, unearned premium is refundable--with interest at 1/2% per month. Earned premium is not. Cannot know if what you've paid is earned or unearned based on info.
Probably need to schedule a meeting with your broker so ya'll can go over the app requirements together.
Could be that policy issuance is predicated on the disclosure requirements, and you are currently operating under a binder.
As to the premium, unearned premium is refundable--with interest at 1/2% per month. Earned premium is not. Cannot know if what you've paid is earned or unearned based on info.
Probably need to schedule a meeting with your broker so ya'll can go over the app requirements together.
Posted on 9/17/14 at 9:38 am to bendellee
quote:
Probably need to schedule a meeting with your broker so ya'll can go over the app requirements together.
too late for that. He knows now, its either get it to him or get a new insurance policy. You'll lose monies on earned fees etc and not sure about if he'll have to pay the 25% MEP.
Posted on 9/17/14 at 9:39 am to bendellee
Thanks.
Posted on 9/17/14 at 9:49 am to Chad504boy
Could be, but I know Chubb looks at credit data pretty close.
Posted on 9/17/14 at 9:54 am to VetteGuy
quote:
but I know Chubb looks at credit data pretty close.
They aren't using credit to rate this GL policy. Credit is used heavily on personal lines policies.
Posted on 9/17/14 at 9:56 am to Placebeaux
do whatever it is that you have to do to ensure coverage. relying on your agent's E&O is crazy.
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