Product Update

Preparing Property Insurance Submissions and Insuring Highly Protected Risk Discussed in Commercial Property Insurance

This release to Commercial Property Insurance updates two very practical discussions: how to prepare a property insurance submission and insuring highly protected risk (HPR) property.

A submission is a collection of information that an organization or its agent or broker prepares for prospective insurers so they can determine at what price and under what conditions they would be willing to provide insurance for the organization. How important a complete, detailed submission is in obtaining a favorable quotation depends on a number of factors. These include the nature, complexity, and size of the prospective insured's business; the competitiveness of the commercial insurance marketplace at the time; and the corporate and individual personalities of those involved. In some situations, a submission containing only a bare minimum of information may be enough for an underwriter to deliver a winning quotation. Usually, however, a complete, detailed submission helps a great deal in getting an underwriter's attention and favorable treatment. This release provides an updated overview of this important topic.

Also included in this release is an updated discussion of insuring HPR property. HPR property is property that is judged to be subject to a lower-than-normal probability of loss because of superior construction, special loss protection equipment and procedures, and management commitment to loss prevention. Our updated discussion provides a short overview of the pros and cons of HPR treatment, how to qualify, and the current market approaches to insuring HPR property.