Randi Glazer Shared Some Major Risk Factors to Consider in Underwriting
Underwriting requires a lot of detailed data and information in order to properly prepare the right insurance coverage for the types of needs you or your business will need. In particular, when you’re underwriting a property, there are specific risk factors that should be considered.
Randi Glazer who has been a Vice President at several insurance and underwriting companies shares some insights about underwriters and what they take into consideration. Underwriters need to take a look at the construction of a company’s building. A building that has wood construction will be considered differently than a building made of concrete. Underwriters will also look at the year the building was built, the maximum occupancy, as well as the type of operations in the building.
The underwriter will also review the protection within the building including sprinklers, fire escapes, or levees and exposure to certain types of natural catastrophes. Underwriters also need to consider the amount subject to risk. If a business operates in multiple locations, underwriters need to take this into consideration of their risk factors. Underwriters need to know as much information as possible about any selected locations. Another risk factor that underwriters review and take into consideration is catastrophe exposure like earthquakes, floods or windstorms. Underwriters need to look at natural catastrophes with great detail and understand the level of exposure that your property could potentially have. Catastrophe exposure is a risk factor that heavily influences property insurance rates.
Randi Glazer, an insurance consultant, has had years of experience as an underwriter. She has conducted underwriting in many of her previous companies which included RMS CAT modeling and pricing for windstorm, and earthquake. Randi has underwritten all types of risks from multi-billion dollar shared & layered HPR-type specialty property and inland marine risks to the typical “mom and pop” main street BOP accounts. The basic mechanics of underwriting are common in each risk.