On the surface, insure to value might seem simple – even self-evident. But it’s consistently one of the most talked about and misunderstood topics in underwriting. On one side of the equation, carriers want to make sure they charge a fair premium. They look at the risk exposure of a property in relation to the […]
A commercial property’s risk profile can be far harder to discern than that of a residential structure. While most single-family homes have significant similarities, the same cannot be said of businesses. To adequately assess risk and mitigate it where necessary, an underwriter must be equipped with a commercial inspection report that provides accurate, trustworthy information […]
With more than 35 years of experience in the property and casualty insurance industry, we’ve seen many things change over time. But the one thing you’d expect to change the most – the technology, especially inspection technology – has sadly lagged behind. No matter whether you deal principally with residential or commercial properties, inspection makes […]
As an underwriter for an insurance company providing commercial property insurance policies, one of the first steps you’ll typically do after receiving a policy application is to order a commercial inspection of the property being considered for coverage. Commercial building inspections are used not only for new construction but also for existing properties in order […]
As an insurance provider, it’s important to realize that, in most parts of the U.S., levels of insurance risk change with the changing of the seasons. One might assume that the riskiest time of year to be out driving on the highways is winter because of the inclement weather and harsh driving conditions. Insurers know, […]
Risk is best defined as exposure to the chance of an event happening that creates loss or the degree of probability of such a loss occurring. This could be loss of life, injury, or financial loss. It’s neither predictable nor inevitable but is always a possibility. Insurance risk is this possibility for loss that’s transferred […]
A property inspection can be divided into one of two basic categories: Residential inspection Commercial inspection While these two types of inspections are similar in many ways, they also have a number of differences in how they are conducted and what they’re expected to reveal. Most inspectors specialize in either residential or commercial inspections, although […]
Broadly speaking, the term “insurance inspection” can apply to looking at the particulars of any item for which you desire obtaining insurance coverage. Since getting insurance coverage involves the transfer of risk from you to your insurer in exchange for a fee, that insurer may require a first-hand inspection of the item being insured to determine […]
Technology has become an important part of almost all business, with many technological developments made in the past few decades having become so commonplace it’s almost as if they’ve always been there. Consider the following: Smartphones Computer tablets Wireless internet with near-instant connection from anywhere to anywhere Cloud data storage Property Inspection Technology In addition […]
There’s a large, untapped commercial inspection market out there just waiting for qualified inspectors to fill the void. As an insurance underwriter, a part of your underwriting process when writing coverage for a commercial property is likely having a commercial inspection done to determine the state of the property and to uncover any inherent risks […]
We’re delighted to announce that Insurance Risk Services will rebrand to Davies in the near future.
