Products - ILM Submission Requirements
The ILM Group would like to make your new business submissions as simple as
possible. Complete information will translate into a better understanding of the
risk by our underwriters which in turn means a better chance of quoting and
writing the risk. In order to accomplish this mission, we ask that you cooperate
with our submission requirements. Each item requested is part of the total
submission process to assure that ILM does our best for you and your prospect.
Business Parameters
- Minimum premiums are as follows:
- $10,000 for multiple policies (excluding Workers' Compensation)
- $10,000 for monoline property or package (If automatic sprinklered, minimum
property premium is $5,000)
- $15,000 for Workers’ Compensation (eligible states only)
- Monoline property is acceptable; monoline casualty is generally not written
without the supporting property
Lead Time
- ILM recommends that a complete submission (i.e. Acord apps, supplemental apps, 5
years currently valued hard copy company loss runs and interior/exterior photos)
be in our office at least 45 days prior to the effective date to assure adequate
time for engineering and evaluation. However, ILM will consider submissions with
shorter lead times when extenuating circumstances exist.
Loss Control Survey
- Most accounts submitted will have a physical loss control survey completed by an
ILM Loss Control Representative prior to quoting. However, on smaller, less
complex risks, ILM may elect to quote subject to inspection if we have complete
information and photos.
Applications, Narrative, Photos, Diagrams and Loss Information
- Brief narrative of the risk explaining the operations, history, website address
or include brochures that will help ILM better understand the risk and its
exposures.
- Complete Acord applications for all appropriate coverages.
- Complete ILM supplemental applications.
- Interior and Exterior digital or regular photos of the buildings.
- Diagram of the buildings, available.
- Currently valued, hard copy loss runs must be submitted for the current year and
the prior four (4) years.
General Information
- Current carrier, target premium, quote “need by” date and whether you currently
control the account.
Property
- Statement of values including breakdown of buildings, business personal
property, stock (including open yard storage) and inland marine equipment by
building and by location.
- Certified appraisal (if available).
- Business Income Worksheet needed for limits of $500,000 or more.
General Liability
- Identification of all additional named insureds and description of their
operation/responsibilities.
- Description of all installation, repair, construction, contracting or equipment
rental operations.
Business Auto
- Complete vehicle information including the following:
- Full VIN for all vehicles, vehicle description, business class and radius of
travel.
- Drivers' list including all family members using business vehicles, all drivers
of company vehicles (including part-time drivers) and all employees operating
their personal vehicles at least eight (8) hours per week for business use with
the following information:
- Date of birth, state issuing license, license number
Umbrella
- Current Workers’ Compensation carrier (if not ILM), policy number and policy
period.
Workers' Compensation
- All prospective accounts must agree, by signature, to the ILM Workers’
Compensation Working Agreement.
Submission Conflicts
- The first complete submission received on a specific account from any
marketing source is considered the agent-of-record.
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