Underwriting Older and Converted Buildings
One of the most effective ways to get the best possible quote on a commercial property risk is to submit a complete and detailed application. If your client is seeking to insure an older building or converted building, this is even more critical. These risks can pose some underwriting challenges particularly when the application is vague or omits important information. When underwriters have complete and detailed information from the beginning of the process, it saves time for you and results in a quicker quote turnaround and the best possible pricing and terms available for your client.
Applications for Older and Converted Buildings
• Use the Online Portal – MiniCo’s online agent portal is the fastest and most efficient way to submit an application for a self-storage risk. If you need to use a traditional application, or are seeking coverage for non-storage buildings please be sure to download the latest version directly from MiniCo’s website. Submitting outdated applications or forms from other carriers can delay the underwriting process.
• Help the Underwriter – Remember that underwriters want to write the business, but they are required to justify their pricing. Be sure to include any information that could help in pricing the account. Don’t be afraid to mention negative information as this can aid in building trust with the underwriter.
• Include Details – When it comes to older and converted buildings, underwriters need details about the condition of and/or updates to roofing, electrical systems, plumbing, heating, and other factors. Was the building completely converted or just updated? Does the owner have required maintenance procedures in place? When did the updates occur? Keep in mind that if you don't provide the information to the underwriter, they will assume the worst.
• Don’t Guess – Unless you are fairly certain of an answer, don’t guess. Collect the required information prior to submitting the application.
• Know the Coverages – Be aware of the coverages requested on the application as some can have a significant impact on the final premium.
• Attach Documentation – Submit photos, site diagrams, loss runs and any other documentation that can be useful in pricing the quote. Include pictures of the open electrical box, heating and plumbing equipment, the roof, windows and doors, pavement and parking areas, and more.
For more information about MiniCo's insurance solutions for self-storage risks and other commercial properties, contact your MiniCo underwriter at 800-528-1056.