Posts Tagged ‘quotes’

AIG Workers Compensation Quotes and Indications

Posted on: September 8th, 2014 by idsadmin 1 Comment

Quotes

At Empire Pacific Sovereign, we represent many fine insurance carriers. As your own experience informs you, each carrier has different processes, procedures and levels of authority. With several of our markets, Sovereign has broad in-house quote and bind authority that allows for quick turnaround on your agency’s new business quotes and indications. In particular, AIG offers Sovereign and our affiliated brokers in-house quote and bind for workers compensation, excess liability and miscellaneous professional liability. This article will detail the information required to obtain a Chartis workers compensation quote and point out the uses and advantages of an indication.

Your request for a quote will reserve the AIG workers compensation market if it is available, and if the risk is not declined, we will provide terms for binding coverage. To submit a risk for quote to Sovereign the following information and/or documents are required:

  1. A complete Acord 130 including the essential information below:
  2. FEIN
  3. Bureau code(s) for NCCI, WCIRB, etc.
  4. Years in business
  5. Insured contact name and number for the carrier (Sovereign will not call the insured)
  6. Number of Employees Full Time / Part Time
  7. Individuals Included / Excluded
  8. Loss reports for the current and previous four years
  9. Experience modifier worksheet
  10. Trucking risks will require a supplemental application

Email the documents to business@SovereignBrokers.com
If the market is not blocked by a prior submission and not declined you will receive a printable and bindable quote with the prospective insurer’s name and policy number. The email containing your quote will include other binding conditions including but not limited to the following

  1. A copy of the Acord 130 signed by the insured
  2. Selection of direct bill plans (found in the quote)
  3. Any other “subject-to’s”

Indications

Indications are sometimes useful to determine eligibility regarding payroll classes and minimum premiums. An indication will not reserve the market and is not bindable. The following information is required.

  1. A complete Acord 130 including the essential information below
  2. FEIN
  3. Bureau code(s) for NCCI, WCIRB, etc.
  4. Years in business
  5. Number of Employees Full Time / Part Time
  6. Experience modifier

If the risk is not declined we will email a premium amount. If the risk is declined we will provide you with the underwriting reason.