A high-quality commercial property submission is the lifeblood of efficient underwriting. When a broker provides a complete, well-structured package, it reduces underwriting turnaround time from days to minutes. This practitioner's checklist details exactly what a complete submission looks like and what files should be included.
1. Slip / Cover Note & Placement Structure
Every commercial property placement starts with a placing slip (such as a Lloyd's MRC or ACORD summary). This must clearly declare:
- Named Insured & Parent Company: Full legal name, including subsidiaries.
- Period of Insurance: Clear inception and expiry dates.
- Total Insured Value (TIV): Breakdowns by Building, Contents, Equipment, Stock, and Business Interruption (BI).
- Deductibles: Per-claim, percentage, or time-element (BI) deductibles.
2. Schedule of Locations (SOV)
For multi-location risks, a complete Schedule of Values (SOV) is critical. Gaps in the SOV are the most common cause of underwriting delays. Ensure you have:
- Exact Street Address: Full address with postal code for geocoding. GPS coordinates are highly valued for E&S risk.
- Specific Limits per Location: Do not just list a blanket limit. We need building, contents, and stock values allocated individually.
- Occupancy Descriptions: Explicitly state what happens inside each building.
3. The COPE Essentials
COPE data represents the physical parameters of the risk. Submissions must explicitly cover:
- Construction: Year built, number of storeys, total floor area, and ISO Construction Class (1 through 6).
- Occupancy: Primary business description, NAICS/SIC codes, and secondary tenant operations.
- Protection: Sprinkler details (NFPA 13 conforming, wet/dry pipe, coverage percentage), fire alarm monitoring, and hydrant distance.
- Exposure: Flood zone rating (FEMA or equivalent), wind/seismic zone, and distance to nearest neighboring building.
4. Loss History (3 to 5 Years)
Loss runs should show individual claims, dates of loss, cause of loss, amounts paid, and reserve outstanding. A note on remediation steps taken after a major loss is crucial to secure favorable terms.
By ensuring your submission ticks every box in this checklist, you facilitate a faster turn-around and help underwriters price the risk accurately.