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Since the underwriter is assessing the firm’s characteristics and exposures solely on data provided by its application (and supplemental applications and/or loss runs, if any), a good insurance agent-broker will also assist the firm in writing a brief narrative on what separates it from others. Firms can address best industry practices, low claims frequency, risk mitigation practices and internal controls to help differentiate it from other companies. This narrative is highly valuable to underwriters since they are trying to become familiar with the firm in terms of how and why it should be viewed as an above average risk. As such, a succinct narrative about the firm can have a significant impact in swaying the underwriter’s decision to apply discretionary premium credits in the development of the firm’s final premium.

Michael Ryder is the National Program Director-Specialty Programs of Norman-Spencer Agency, Inc.

For more information, visit www.norman-spencer.com/toptier.

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