What is included in a completed audit report?
A completed premium audit contains a thorough description of the insured’s operations which will substantiate the classification assigned to the risk. Classifications are also recommended if the business appears to be classed incorrectly. The audit worksheets provide a complete audit trail beginning with gross figures audited, a verification of these totals, and a detail of all adjustments to the gross total. The audit will provide an end audited exposure that has considered all manual and state-specific rules applicable to the line of coverage being audited. Large variances between the estimated exposure and the actual are explained in specific notice to the underwriter. All auditor worksheets are included in the completed report as well as additional information scanned by the OSI field representative.
