Sent: August-xx-xx 2:08 PM
To: Xxx Xxxxxx
Subject: RE: Re:XXxxxxxx - Xxxxxxxxx Xxxxxxxxxxx Xxx. - August xx - Terms
Hi, XXX,
While I am still working on the renewal of the subject account, I reviewed the details and correspondence on the file again.
Thank you for bringing me even closer to the reality of "insurance business", which I have been researching on as I told you before.
Indirectly, you made me understand the reality better that insurance business is actually the very proximate cause of all the unreasonings and abrupt inconsistency, in fact weird situations and instability, we see happening in this world nowadays, and everyday!
Risks and insurance touches on everything in this world. And people simply just learnt and copied based on their experience, and do the same, especially when their human nature and weaknesses are called into (allowed to) play! And not only In playing games and exercise of authority, irrespective of all normal reasons and reasonings! Sometimes even in making wrong become right! That explains.
Chances are, we will lose this account anyway, for nothing, and probably it will end up with another broker and insurer writing it for less!
How could we expect the client be willing to pay 46% increase for insurance renewal on this simple clean and no loss building property that they have owned and insured through you for years?
Thank you for your support and understanding on this account.
Xxxxxx Xxx
Xxxxxxxxxx Xxxxxxxxx xxx Xxxxxxxxx Xxxxxxxx Xxx.
Tel: xxx-xxx-xxxx
Fax: xxx-xxx-xxxx
Email: xxxx@xxxxxxxxxx.xxx
From: Xxxxxxxxxx
Sent: August-xx-xx 1:03 AM
To: Xxx Xxxxxx
Subject: Re:XXxxxxxx - Xxxxxxxxx Xxxxxxxxxxx Xxx. - August xx - Terms
Thanks, Xxx. Will revert.
Xxxxxx Xxx
Xxxxxxxxxx Xxxxxxxxx xxx Xxxxxxxxx Xxxxxxxx Xxx.
Tel: ?xxx-xxx-xxxx
Fax: ?xxx-xxx-xxxx
Email: xxxx@xxxxxxxxxx.xxx
Subject: Re:XXxxxxxx - Xxxxxxxxx Xxxxxxxxxxx Xxx. - August xx - Terms
From: Xxx Xxxxxx
To: Xxxxxxxxxx ,Xxxx Xxxxxxx
CC:
Hi Xxxxxx,
We've had some changes to our underwriting guidelines and parameters, as well as mandated pricing increases on various lines of business. We have tried to keep the rating level as competitive as possible - and done the best we can do for you on this.
We understand that due to price sensitivity you may need to move the business elsewhere.
Best regards,
Xxx Xxxxxx
Xxxxxxx Xxxx Xxxxxxxxx Xxxxxxxx Xxx.
Xxxxx xxx, xxxx - xxxxx Xxxxxx,
Xxxxxxx, XX XXX XXX
Phone: x-xxx-xxx-xxxx
Fax: (xxx) xxx-xxxx
Email: xxx@xxxx.xx
Website: xxx.xxxx.xx
From: Xxxxxxxxxx
Sent: Tuesday, August xx,xxxx 4:18:37 PM
To: Xxxx Xxxxxxx
Cc: Xxx Xxxxxx
Subject: Re:XXxxxxxx - Xxxxxxxxx Xxxxxxxxxxx Xxx. - August xx - Terms
Hi, Xxxx,
This risk was underwritten by Xxx Xxxxxx initially, and has NOT changed in the past few years, why suddenly now?
Is it a sizable jump to make us jump? Or, simply just want to drive our business away, and drive us out of business? On this NO claim and very stable account? In fact, this risk has no claim all through the years with us since inception! Is that how insurance business is done, and played with?
We cannot simply tell what you tell us to the client. You got to give us some reasonable, understandable and explanable reasons for such a sudden big increase, so that our client can understand, not just because you like the increase!
Otherwise, no wonder this industry is screwed!
Please advise.
Xxxxxx Xxx
Xxxxxxxxxx Xxxxxxxxx xxx Xxxxxxxxx Xxxxxxxx Xxx.
Tel: xxx-xxx-xxxx
Fax: xxx-xxx-xxxx
Email: xxxx@xxxxxxxxxx.xxx
From: Xxxx Xxxxxxx [mailto:XXxxxxxx@xxxx.xx]
Sent: August-xx-xx 3:46 PM
To: Xxxxxxxxxx
Subject: XXxxxxxx - Xxxxxxxxx Xxxxxxxxxxx Xxx. - August xx - Terms
Hello Xxxxxx,
Thanks for your response. We understand it's a sizeable jump, however, the rating has been adjusted to bring the risk in line with Xxxxxxx Xxxx'x guidelines based on the building age, value, and current market conditions. Additionally, we note that the EQ rate alone for this postal code, building age, and construction type makes up a fairly sizeable portion of the rate.
Furthermore, I have attached the forms, revised wording, and sewer backup and water damage extension mentioned in my prior quote. A principal reason the wording has been amended to exclude water damage is for the sake of clarity. It is easier to see that its covered when added by extension than if its imbedded in the wording itself.
Let me know if you have any further questions or concerns.
Best Regards,
Xxxx Xxxxxxx XX, XXX
Xxxxxxxxxxxx Xxxxxxxxx
XXXXXXX XXXX XXXXXXXXX XXXXXXXX
#xxx - xxxx xxxxx Xxxxxx Xxxxxxx XX XXX XXX
T xxx.xxx.xxxx TOLL FREE: x.xxx.xxx.xxxx | F xxx.xxx.xxxx
From: xxxxxxxxxx xxxx@xxxxxxxxxx.xxx
Sent: xxxxxxx, August xx, xxxx 11:53 AM
To: xxxx xxxxxxx xxxxxxxx@xxxx.xxx
Cc: xxx xxxxxx xxx@xxxx.xxx
Subject: Re:XXxxxxxx - Xxxxxxxxx Xxxxxxxxxxx Xxx. - August xx - Terms
Hi, xxxx,
Would you tell us why the premium is increased by 46% on this no claim clean account?
Thanks.
xxxxxxxx xxx
Xxxxxxxxxx Xxxxxxxxx xxx Xxxxxxxxx Xxxxxxxx Xxx.
Tel: xxx-xxx-xxxx
Fax: xxx-xxx-xxxx
Email: xxxx@xxxxxxxxxx.xxx
From: xxxx xxxxxxx [mailto:xxxxxxxx@xxxx.xxx
Sent: August-xx-xx 10:57 AM
To: xxxxxxxxxx
Subject: xxxxxxxx - xxxxxxxx xxxxxxxxxx xxx - August xx - Renewal Quote
Hello xxxxxxx
The above noted policy is due for renewal. We are pleased to offer renewal as follows; subject to:
- Confirmation there have been no changes in underwriting details or operations
- Confirmation that coverage limits remain adequate
- Confirmation of no known losses, claims or events that may lead to a claim throughout the policy term
Term: 12 months
Premium: $xx,xxx (25% minimum retained)
Commission: xx% of premium
Fee: $xxx (fully retained)
Total Due: $xx,xxx
Changes on renewal:
Microorganism & biological or chemical materials exclusions added (mandatory forms)
Broad form wording amended to exclude water damage (as attached)
Sewer backup and water damage extension wording amended (xxxxx as attached) with sublimit of $100,000 to apply
All other terms, limits, conditions, wordings and endorsements as per expiring policy.
At the time renewal binding is requested:
If the risk premises is within 50km of a fire (which is not 100% contained) or flood, including areas under evacuation alert or notice of potential evacuation, please advise so that we can monitor the situation
Please confirm subjectivities at least two weeks prior to expiry.
*Note: Renewal retention is important to us. If you feel anything needs to be done to allow us to renew this business - please let us know.
Best Regards,
Xxxx Xxxxxxx XX, XXX
Xxxxxxxxxxxx Xxxxxxxxx
XXXXXXX XXXX XXXXXXXXX XXXXXXXX
#xxx - xxxx xxxxx Xxxxxx Xxxxxxx XX XXX XXX
T xxx.xxx.xxxx TOLL FREE: x.xxx.xxx.xxxx | F xxx.xxx.xxxx
From: xxxxxxxxxx xxxx@xxxxxxxxxx.xxx
Sent: xxxxxxx, August ,xx 3:14 PM
To: xxxx xxxxxxx xxxxxxx@xxxx.xxx
Cc: xxx xxxxx xxx@xxxx.xxx
Subject: RE: xxxxxxxx - xxxxxxxx xxxxxxxxxx xxxx - August xx - Renewal Subjectivities
Hi, xxxx,
Confirmed with client by phone, "no claim and not any coming up".
We believe, if there were any claim or loss that the client wanted to utilize their insurance through us, they would have let us know right away.
I am sure our client would never want to play games!
If you need anything further, please let us know.
Thanks.
xxxxxxx xxx
Xxxxxxxxxx Xxxxxxxxx xxx Xxxxxxxxx Xxxxxxxx Xxx.
Tel: xxx-xxx-xxxx
Fax: xxx-xxx-xxxx
Email: xxxx@xxxxxxxxxx.xxx
From: xxxx xxxxxxxx [mailto:xxxxxxx@xxxx.xxx
Sent: August-xx-xx 1:18 PM
To: xxxxxxxxxx
Subject: xxxxxxxxx - xxxxxxxx xxxxxxxxxx xxx - August xx - Renewal Subjectivities
Hello xxxxxxx,
Thank you for your message. Unfortunately, I cannot provide terms unless we have confirmation of our subjectivities. At the very least, the insured must confirm there have been no known losses or claims throughout the policy term. Appreciate your attention to this and await further details in due course.
Best Regards,
xxxx xxxxxxx xx, xxx
Underwriting Assistant
xxxxxxx xxxx xxxxxxxxx xxxxxxxxx
#xxx - xxxx xxxxxx Street xxxxxx xx xxx xxx
T xxx.xxx.xxxx TOLL FREE: x.xxx.xxx.xxxx | F xxx.xxx.xxxx
This e-mail message is confidential and for exclusive use of the addressee(s). The contents shall not constitute a commitment by xxxxxxx xxxxx
xxxxxxxxx xxxxxxxx xxxx. Any unauthorized disclosure, use or dissemination, either in whole or in part, is prohibited. If you are not the intended recipient, please notify sender immediately.
From: xxxxxxxxx xxxx@xxxxxxxxxx.xxx Subject: RE: xxxxxxxx - xxxxxxxx xxxxxxxxx xxx - August - Renewal Request Per followings, thanks. Look forward to the renewal quote. xxxxxx xxxx Xxxxxxxxxx Xxxxxxxxx xxx Xxxxxxxxx Xxxxxxxx Xxx.
Tel: xxx-xxx-xxxx From: xxxxxxxxx Thanks, XXXX, will revert in time. xxxxxx xxx Xxxxxxxxxx Xxxxxxxxx xxx Xxxxxxxxx Xxxxxxxx Xxx. Tel: xxx-xxx-xxxx
Fax: xxx-xxx-xxxx
Sent: xxxxxxxx, August xx, xxxx 4:34 PM
To: xxxx xxxxxxx
Fax: xxx-xxx-xxxx
Email: xxxx@xxxxxxxxxx.xxx
Sent: June-xx -xx 7:05 PM
To: 'xxxx xxxxxxx'
Subject: RE: xxxxxxxx - xxxxxxxx xxxxxxxxxx xxx - August - Renewal Request
From: xxxx xxxxxxx [mailto:xxxxxxx@xxxx.xxx]
Sent: xxxx-xx-xx 10:39 AM
To: xxxxxxxxxx
Subject: xxxxxxxx - xxxxxxxx xxxxxxxxxx xxx - August - Renewal Request
Importance: High
Hello,
In preparation for renewal for the above named insured, please advise the following:
1. Confirmation of any changes in underwriting details or operations NO
2. Confirmation coverage limits remain adequate AS IS, unless client wants change
3. Updated gross revenue figures for the coming year (including split in revenues where and if applicable) AS IS, unless client wants change
4. Confirmation of no known losses, claims or events that may lead to a claim throughout the policy term Not that we know of.
Please provide the requested information at least three weeks prior to expiry to help us supply our best possible renewal terms in a timely manner.
If you have any questions, please do not hesitate to contact our office
Best Regards,
xxxx xxxxxxxx xxx, xxx
Underwriting Assistant
xxxxxxxx xxxx xxxxxxxxx xxxxxxxxx
#xxx - xxxx xxxxx Street xxxxxxx xx xxx xxx
T xxx.xxx.xxxx TOLL FREE: x.xxx.xxx,xxxx| F xxx.xxx.xxxx