Binding & Program
With Binding Authority and Programs, we are an Outsourced
Underwriting Branch for many Specialty Carriers.
Some of the value added services we provide include:
- Analyzes the submission information to determine the best
available carrier, coverage, forms and premium.
- Reviews claims history for consideration in underwriting.
- Orders site inspections, MVR or other underwriting tool
- Generates proposal(s)/quote(s) based upon the carrier's rate
structure and underwriting guidelines.
- Releases quote(s) providing broad description of terms and
conditions and exclusions.
- Negotiates final price, terms and conditions.
- Binds coverage with confirmation to the broker and
- Participates in semi-annual carrier audits.
- Follows carrier policy issuance manuals and procedures to issue
the policy to the broker.
- Reviews policy for accuracy before delivery.
- Processes endorsements, which include amended rates, updated
schedules or other needed changes.
- Produces expiration notices, including requested information
that will be needed to market or underwrite the renewal.
- Issues statement of accounts or invoices
- Collects premium
- Pays carrier and broker
- Files surplus lines taxes, where appropriate.
- Issues notice of cancellation for non-payment and reinstatement
when payment is received. Coordinates with policy management to
ensure proper notification.
- Coordinates audits between carrier and broker.
- Reconciles all claims payments.
Each Binding Authority and Program Manager office supports the
underwriting, policy services, accounting and claims functions
- Promoting, advertising, direct sales campaigns and
participation in various trade shows and industry events for the
various programs and products for which we act as the underwriting
- Finding, maintaining and managing a viable distribution network
for the various programs and products for which one of our offices
act as the underwriting branch.
The screening process includes:
- Verifying that the entity has adequate E&O limits
- Verifying that the entity is properly licensed
- Hire, train and maintain an underwriting, process,
administrative and management staff.
- Create and maintain computer systems to support the
underwriting (including rating, quoting, policy issuance, policy
endorsements and cancellations), accounting (billing and
collections) and claims processes.
Research and Development
- Invest time to research, design and develop products for the
distribution network that are priced competitively, with the
broadest coverage available and insured with the highest rated
carrier. If necessary, find replacement carrier(s).