New Business Procedures

  • Upon receipt of order, convert Prospect to Customer in agency management system.
  • Create ID cards, Evidence of Property Insurance, Binders or other items and give to producer for delivery to client and/or lender, bank, additional insured, etc.
  • Transmit application, payment, and pertinent documents to carrier immediately using company memo.
  • Create activity created in system and suspense for 30 days for receipt of policy.
  • Create paper file for permanent records or scan and attach to client e-file.
  • Send thank you note to customer.
  • When policy is received from company, either via download or by mail, open customer file and update application by entering policy number.
  • Review policy against application and system information for accuracy.
    Items to check include:
    • Carrier and policy number
    • Named insured (make sure it is complete)
    • Description of operations
    • Type of entity (individual, corporations, LLC, etc.)
    • Effective and expiration dates
    • Retroactive date if claims-made policy
    • Rates and premiums
    • Minimum earned premium
    • Minimum premium
    • Limits of liability (including aggregates, if applicable)
    • Deductibles and self-insured retentions
    • Property valuation clauses (ACV, Replacement Cost, Agreed Amount)
    • Covered auto symbols
    • Classification codes and exposures bases
    • Experience modification (Workers Compensation only)
    • Description of property covered including scheduled items
    • Review all endorsements
    • Any unexpected endorsements?
    • Any restrictive endorsements?
    • Any missing endorsements?
    • Any reductions in coverage or increased deductibles?
    • Any state-specific endorsements missing?
    • Any endorsements requiring signature (e.g. UM waiver)?
    • Commission amounts
  • Enter premium amount and bill if necessary.
  • Send form letter to client along with policy or deliver policy (and bill if necessary).
  • Clear suspense.