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| less than a minute read

Insurers Can't Wait to Help Policyholders Avoid Risk

The underwriting process is where insurers calculate risks and the required premiums for the desired coverage. Now, insurers are offering to help their insureds mitigate against risk during the coverage period. 

No longer content simply to send helpful tips to policyholders about acting sensibly to avoid losses (close your garage door at night; contact the local police to watch the house when you're on vacation; have a licensed contractor check on your water heater), specialty insurers are taking affirmative steps to make sure that steps are taken to avoid losses--and necessary payouts.

The linked article predicts that this approach will spread across the insurance industry beyond the specialty insurers for high net-worth individuals. We can predict that insurers will also make some of these "recommendations" mandatory for coverage--an offer you can't refuse.

High-end insurers like Chubb, Pure, AIG Private Client Group and Cincinnati Insurance increasingly use risk-management specialists to evaluate clients’ properties and, if necessary, help secure contractors to make upgrades and repairs.