|
We'd like to provide the best service possible on each submission we receive from you. To ensure that your quote gets out the door ASAP, we need a correct and complete application. To help you, we've compiled a couple of tips to eliminate potential stumbling blocks:
Question #5:
The firm's legal name, trade names, and website address are very important. Assessing the principal's experience level is important, so we'd like to know the year the principals became licensed as an agent, AND a broker.
Question #6:
Staff breakdown is very important. We look at the firms mix of full time versus part time agents. We define a part time agent as one working less then 30 hours per week.
Question #8 regarding continuing education participation, is important, especially section 8c. Firms that are more engaged in continuing education can receive a premium credit , so please be certain this is completed. For question 8b, it helps us to know the percentage of the firm's income derived from sale of foreclosures and/or environmentally impacted property.
Questions #9 &10 are often left blank. If the firm is involved in any of these services, we need this section completed. Even if there is no involvement, please have the firm check as NO, so we have a more complete application.
If you have a prospect that is an appraiser, the specialty section starting with Question #17 is key, as it shows us what types of property they are appraising. The principal's resume can help us as well.
Many times, there is confusion when mortgage broker prospects complete our application. At times, mortgage brokers may refer to themselves as mortgage bankers, when they are merely providing mortgage loan origination services. We do not provide coverage for firms that service loans, underwrite loans, or use any of their own money to fund a loan even for a short period of time. Therefore, when you have a loan origination firm (a true mortgage BROKER) make sure that is what the application reflects, as these are the firms we like to write. A resume of the firm's principals can help as well.
Concerning appraisers and mortgage brokers, a resume of the principal can help us to underwrite commercial real estate firms.
If you are presenting a property management firm to us, a copy of the firm's standard management agreement will assist us.
If your prospect has past claims, an actual company loss run is ideal.
Please have the insurance agent information box on page one fully completed. Since we are now able to e-mail your quote letters, your e-mail address is very important.
Following these tips will help ensure that we can provide you with the fastest quote possible.
|
