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“What Clients Can/Should Be Doing To Weather The Perfect Storm”

Advice offered should be followed all of the time!!!!!!!. “What Clients Can/Should Be Doing To Weather The Perfect Storm”. Gathering Accurate Data (Quality & Quantity) Appraisals (1000 locations found?????) Indexing RMS Secondary Construction Characteristics (Sample At End of Presentation)

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“What Clients Can/Should Be Doing To Weather The Perfect Storm”

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  1. Advice offered should be followed all of the time!!!!!!! “What Clients Can/Should Be Doing To Weather The Perfect Storm” • Gathering Accurate Data (Quality & Quantity) • Appraisals (1000 locations found?????) • Indexing • RMS Secondary Construction Characteristics (Sample At End of Presentation) • Five years of accurate loss data, ground up • Invest the money saved in the soft market to make yourself more attractive in a hard market • Detailed data adds up to better coverage

  2. Advice offered should be followed all of the time!!!!!!! “What Clients Can/Should Be Doing To Weather The Perfect Storm” • Submission and Marketing • Start early 120-180 days before renewal, follow-up often • Submission should be a collaboration between client and broker • Schedule time to meet with all key underwriters, visit them, risk manager insurer dialogue is key • Electronic, completeness, why underwriters should want your account explained in Executive Summary

  3. Advice offered should be followed all of the time!!!!!!! “What Clients Can/Should Be Doing To Weather The Perfect Storm” • Modeling (RMS) • Understand insurer modeling including AAL • Ask what model the insurer uses for reinsurance, many are moving to a blended model • Secure your own model and if vastly different investigate why • Use past loss experience, if it is in your favor, it usually is

  4. Advice offered should be followed all of the time!!!!!!! “What Clients Can/Should Be Doing To Weather The Perfect Storm” • Restructuring of Program (KEY) • If the market is increasing by 10-15% then do not expect to do much better if you leave your current structure in place • Same carriers can be retained but structure must change, there is then nothing to apply a 10-15% increase against • Understand fully your entity’s appetite and ability to accept risk • Retention or coverage adjustment, share the risk

  5. Thank you. Richard Terlecki CPCU, ARM, ARe • Direct: (407)563-3512 • Main: 1(800)524-0191 Ex.3512 • Cell: (407) 923-2000 • Email: richard_terlecki@ajg.com

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