Placing business in the excess & surplus lines insurance market (E&S insurance) has many of the same characteristics as the standard insurance market, but also has a few key differences. The most significant difference is the use of wholesale brokers. Successfully utilizing the E&S market through a wholesale broker with the proper licensing and expertise will smooth the process and enhance the retail producer’s business prospects. These best practices are suggested:
- Communicate, don’t assume – When in doubt, communicate expectations
- Document (& Document & Document) – You have heard this before
- Time & information – The underwriter needs time & information to properly assess risk
- Check the coverage – Is it what your customer expects?
- Bind in writing – Always
- Expect compliance requirements – And follow them
- Use an expert – As a partner
Tennant Risk Services is a specialty E&S wholesale broker, and delivers expertise, markets and exemplary services in the placement of professional liability insurance (E&O, D&O, EPL, Cyber). Review our expectations here.