How is a Risk created by a broker?
A risk can be created from scratch or from a pre-existing template by a broker. There are three sections which need completion when creating a risk: • Policy Holder Information – Information on the Policyholder (name may be withheld from underwriters). • Risk Information – key policy data including the policyholder’s required sums insured (limits) and estimated projections for turnover, deductible etc. • Supporting Documents – Document files created outside the system (such as Word, Excel or pdf documents etc.) which the broker wishes to send to underwriters to assist in understanding and quoting for the risk. These can be uploaded and ‘attached’ to the risk. In Risk Information the Broker creates must enter a cut-off date (Quote Deadline) by which underwriters must submit their quote for it to be considered and this must be before the Risk Start Date, another mandatory field. It is usual for Brokers to set the Quote Deadline to be some time (usually several weeks) before the renewal d
