The symptoms - - -
- excessive high pricing
- policies riddled with dangerous coverage restrictions terms and conditions
- unreasonably high deductibles with unfavorable definitions of "each claim"
- insurance marketplace instability with frequent carrier changes needed at renewal
- no choice available between "occurrence" and "claims-made coverage"
- passive claims handling with and eagerness to settle instead of win lawsuits
- limited or no loss prevention services available
- no risk management guidance . . .
What kind of insurance program is that? One that cries out for improvement. It shows that the insurance company underwriters are scared to death of the risk and, if they don't refuse to quote altogether, they will instinctively protect themselves with knee-jerk underwriting.
What are the true causes of such a situation? If you are encountering these symptoms can you do something about it? In most cases - - - yes!
The ET&A solution - - - In our experience, "tough" products often simply means misunderstood, and/or under-served by the insurance broker. So, what are the true causes of those high premiums and other repulsive terms and conditions? Usually, one or several of the following elements are present:
- An underwriter's misconception about your risks
- Poor claims history, but one that can be rehabilitated and underwritten with more favorable terms
- Insufficient shopping of the insurance program - - - it's a vast marketplace, with lots of options
- Wiser shopping - - - by anticipating and addressing the underwriter's concerns up front and thoroughly, and only then starting the negotiations
- A true need for a products liability risk management
From toys to medical supplies to sports equipment to electronic components to lifting devices to automotive and aerospace products, ET&A has used its experience and innovation to help American industry with its Products Liability insurance concerns.