In this short video, LevelFirst Senior Vice President Chris Barnes explains what is required in a Complete Submission. Agents can help ensure quick turnaround by making sure submissions are complete.
A transcript of the video is provided below.
My name is Chris Barnes and I want to spend a little time today and go over what we call a complete submission. It’s critical that we receive a complete submission so we know where we need to send it.
There are four critical points in a complete submission. One is the ACORD Application. The ACORD Application comes in many different forms whether it be for your property section, your casualty section or your auto section. We need the ACORD Application because the carriers require it.
The next thing is a Description of Operations. The Description of Operations is important for us to be able to look at and provide a snapshot of the whole account. It lets us know which carriers we can go to and why we can go to those carriers based on the description.
The next is our Currently Valued Loss Runs. Currently Valued Loss Runs need to be three to five years. The loss runs are very crucial to the rating aspect of the account. When the underwriter looks at that, they have an idea of what type of rating they can put on an account based on loss runs. So please make sure you include current loss runs with the submission or at least let us know those are forthcoming.
The last thing we need is the Supplemental Application. The Supplemental Application is really a snapshot of everything on the account. It lets us and the underwriter look at it without having to go through every page of the ACORD Application which is required by most carriers. Please make sure that when you fill out your Supplemental Application you are very detailed because it will help the rating process.
To go over the things we need for a complete submission:
The first thing we need is an ACORD Application
The next thing we need is a Description of Operations, whether that’s in the body of the email or included on the ACORD Application.
The next thing is Currently Valued Loss Runs. Three to five years of current loss runs is usually what most carriers require in order to write an account.
The last thing, and most important thing in my eyes, is the Supplemental Application. If you don’t have a Supplemental Application, please ask us and we will provide you with one.