Work with Us - what you need to know
Insureds – see below
We will need information from you in order to provide a competitive proposal for your client. Typically the information is captured on a specialized application designed for the coverage and business type (class). Once you have a completed application for your client, our submission process is very simple. Please send the completed application to us and we will provide you with coverage proposals from multiple insurance markets. Applications can be sent to:
|Mail:||Tennant Risk Services
124 LaSalle Road
West Hartford, CT 06107
You should expect an acknowledgement that we have received and assigned the submission. Please let us know if you have any questions or comments, or do not receive a timely acknowledgement.
Professionals and professional organizations come in many forms and operate in many classes, and the corresponding exposures can vary dramatically. An underwriter will need detailed information on a professional’s operation in order to make an underwriting decision and to properly rate an account, and this information is typically captured in a specialized application form for the class of business being considered. Professional liability applications are the basis of a submission to the underwriter, and are very different from ACORD forms.
In order to ease the burden on clients during the quote process, underwriters will review and quote from other insurance company applications and may require their own application only if coverage is bound. Underwriters may request additional information during the underwriting process to address any questions they may have. “Full” applications are the norm, although “renewal” applications are sometimes used for renewals. We can generally provide you with proposals from any insurer's full application designed for the type of business and the coverage your client is seeking.
Underwriters depend on full disclosure and accurate information in order to be most effective. While rare, underwriters can choose to withdraw their quote or change terms upon review and receipt of their own application. The solution is to provide all information the underwriter might need early in the process, work with an expert wholesale broker, and then provide the underwriter's own application with the request to bind.
An application warranty is the legal wording typically found at the end of an insurance application. These warranties are legal representations to underwriters that the information provided in and with the application is accurate and complete. Insurers may decline to provide coverage if a claim arises and the application information is materially not accurate. In completing all types of insurance applications it is critical to ensure that the information provided is accurate and complete.
As a wholesale broker, Tennant Risk Services works with underwriters at many specialty insurance companies (“markets”). Our markets are both domestic and international, such as Lloyds of London, and many work only with wholesale insurance brokers (“wholesale-only” distribution models).
Typically, each risk is underwritten and rated on its own merits, and the underwriter's own experience, expertise and perspective, along with the quality of the submission, heavily impact the resulting terms and conditions. The underwriter will apply rates he or she thinks are appropriate, and provide terms and conditions as well. A strategy of approaching a number of underwriters for proposals can sometimes show material variation in terms and conditions for the same account.
Our broad market access to many professional liability markets is the result of our specialization in professional liability, and our ability to access the full range of our markets will be critical in providing the most effective solution for your client.
Tennant Risk Services
124 LaSalle Road
West Hartford, CT 06107
Phone: (860) 519-1301
Fax: (860) 216-5845