newyorkave

Multi-Purpose Residential Inspections

Multi-Purpose Residential Inspections 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

Local and Global Insurance Risk 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

Emerging Inspection Technology Increases Inspection Efficiency 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

Insurance Risk – The Driving Force Behind Insurance Underwriting 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

Lower Insurance Risk Means Lower Insurance Cost 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

The Value and Importance of Residential Inspections 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.

Underwriting Insurance Risk Means Understanding Preventable and Unpreventable Losses. 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 […]

Insurance Inspections: A Cornerstone to Accurate Property Insurance Underwriting

Insurance Inspections: A Cornerstone to Accurate Property Insurance Underwriting Insurance Inspections: A Cornerstone to Accurate Property Insurance Underwriting

A home insurance inspection can provide several benefits, both for the homeowner and the insurer that’s writing the homeowners insurance coverage for a property. When done properly, an insurance inspection will give you, the underwriter, the information needed to accurately assess risks and potential liabilities that will affect the decisions you must make regarding whether […]

Insurance Risks, Hazards and Losses

Insurance Risks, Hazards and Losses Insurance Risks

In the insurance industry, risk is defined as “the possibility of loss.” There is no risk if there’s no possibility of loss. Conversely, if loss is a certainty then, again, there is no risk. Risk cannot always be measured, and because the cost of insurance is determined by an expected loss, if a risk can’t […]

Evolving Technologies Improving Residential Inspections for Insurers and Insureds

Evolving Technologies Improving Residential Inspections for Insurers and Insureds Evolving Technologies Improving Residential Inspections for Insurers and Insureds

Having a residential inspection done has long been part and parcel of the homeowner’s insurance policy underwriting process. The past few years have seen significant improvements in the way these inspections are being done, leading to higher efficiency and more cost effectiveness. Major drivers responsible for these improvements include: Advancements in inspection technologies such as […]