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Started By
Message
re: Commercial insurance / legal question
Posted on 9/17/14 at 7:30 am to Placebeaux
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.
2
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 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.
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