As we have discussed previously, the main premium driver for individual risks is claims. Hands down, this is the major element underwriters use in calculating insurance costs. However, there are other factors that cause the variances we see in premiums. You have heard that the insurance market is cyclic. This is certainly true. There …
As a young Account Executive with Universal Underwriters I got a taste of how garage premiums are truly developed. I had worked the employee rating factors on an account and presented both the worksheet and the Loss History to my Division Underwriter for review. “Let’s see,” he said. Then he did something that surprised …
The first quarter of the Garage Insurance 101 series was devoted to developing an understanding of the insurance industry: how underwriters work; and, identifying the elements that influence premiums. The second section will be devoted to controlling as many of those factors as possible. Through the analysis we performed with the Dealership Loss History …
When we decided to include Weather Event Preparation as a Dealership topic, we thought about the timing. When do we talk about Weather Events? Certainly, late spring is the best time to talk about preparing for Hurricanes. Late winter/early spring is always a good time to prepare for Hail discussions. And, fall is the …
