Application Tips for Select E&O

In order to provide the best possible service, here are a few tips to eliminate potential stumbling blocks. Remember that we need a correct and complete application to ensure that your quote gets out the door ASAP. Refer to the application question as noted below:

• 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 principal 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.

Application Tips (cont.)

• Question #19: If you have a prospect that is an appraiser, the specialty section starting with Question #19 is key, as it shows us what types of property they are appraising. The principal's resume can help us as well.
• Mortgage Brokers: Many times, there is confusion when mortgage brokers 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), be sure the application states the nature of the business. These are the firms we write. A resume for each of the firm's principals is also helpful.
• Appraisers and mortgage brokers: a resume of the principal can help us underwrite commercial real estate firms.
• Property management firm: including a copy of the firm's standard management agreement will assist us.
• Past claims? If a firm has past claims, an actual company loss run is ideal.
• Insurance agent information box: This page one information must be complete. 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.