Modern digital technology continues to have a massive impact on how insurance inspection is performed for both homes and businesses. With the right technology in place, it’s possible to not only inspect a portfolio of properties faster, but verify risk is accurately quantified. In some cases, technology’s influence is obvious. For instance, Insurance Risk Services […]
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Insurance Risk Defined
Insurance risk, like any other kind of risk, is the chance that something bad may happen. In order to be a valid insurance risk, however, that bad thing that may happen must have the potential of bringing with it a negative financial impact. Listening to the day’s weather forecast for rain and going out for […]
Two Important Pieces of Insurance Inspection Technology
There’s a “perfect storm” currently occurring in the property and casualty insurance industry. This is due to an increase in competition from numerous low-cost providers and a shortfall in underwriting profits. The past several years have recorded higher than expected claims, pushing insurers to raise their rates to keep ahead of the game. As an […]
Multi-Purpose Residential Inspections
There are a number of reasons for conducting a residential inspection, including those ordered by prospective homeowners prior to purchasing a property, those ordered by mortgage companies considering lending money for a home purchase and inspections ordered by insurance companies considering issuing a homeowner’s insurance policy. While similar in many ways, each residential inspection has […]
Local and Global Insurance Risk
Lloyds of London is, contrary to popular belief, not an insurance company but rather an insurance marketplace where insurance buyers and sellers meet to do business. Originally started in a London coffeehouse during the 17th century, the prevalent insurance risk at the time was the safety of cargo ships sailing across the oceans carrying goods. […]
Emerging Inspection Technology Increases Inspection Efficiency
Underwriting a new homeowner’s insurance policy or renewing someone’s existing coverage has traditionally included a boots on the ground property inspection to verify the current condition of a property. But with the great strides being made in the area of insurance inspection technology over the past several years, things are changing. Where it was once […]
Insurance Risk – The Driving Force Behind Insurance Underwriting
The entire insurance industry revolves around the concept of insurance risk. Without insurance risk, there would be no insurance business. Whether it’s film star Betty Grable’s legs that were insured for $1,000,000. back in the 1940s or Bruce Springsteen’s $6 million insurance policy on his voice, where there’s a potential for financial loss, there’s usually […]
Lower Insurance Risk Means Lower Insurance Cost
An insurance risk is a financial threat for which an insurer has agreed to indemnify an insured policyholder should a covered loss be experienced. These risks are different from one insurance policy to another, depending on what’s being indemnified. With life insurance, the insurance risk is that you, as the policyholder, will suffer a premature […]
The Value and Importance of Residential Inspections
A residential inspection is an important part of your home insurance underwriting process. As an insurance company underwriter, you can use the information garnered by your inspector to verify information submitted on the homeowner’s insurance application. As well as data learned from other sources such as construction materials used, dimensions, undeclared risks and potential liabilities, […]
Underwriting Insurance Risk Means Understanding Preventable and Unpreventable Losses.
As a property insurance company underwriter, you owe your living to insurance risk. Without insurance risk, there would be no need for insurance at all. And while you must accept a certain amount of risk that your company shares with each and every property owner client, you’ll continually be involved with a variety of loss […]
