1. Underwriting
Vilnius,
Egita Ostena, Commercial Property Underwriter, Balta/PZU

2. What is Underwriting?
Setting the rate, terms and conditions on an individual risk basis

3. The 5 steps of Underwriting
Identify & evaluate exposures
Make underwriting decision
Set terms and conditions
Set premium
Negotiate
1. What are the inherent hazards of the trade?
2. What is in place to mitigate / control the hazards?
3. What other controls might be put in place?
1. Fit with strategy
2. Fit with Risk Appetite
3. General acceptability
1. Exclusions
2. Conditions
3. Deductibles
4. Risk requirements
5. Survey
1. Technical Price
2. Discounts
3. Risk Features
4. Cover / Limits
5. Rate Plan
1. Tactics
2. Relationship
3. Agree
4. Land

4. What can make any object an “unwelcome business”?
Unknown loss history
Bad loss history
Bad management
Poor financial results
Dangerous objects right next to
Deserted buildings
Buildings in an emergency condition
New and unknown business, production

10. Hello. We’re interested in insurance
Hello! We’re interested in insurance. Our business ir woodworking – we’re one of the biggest companies in the field. Can we please get an insurance offer? If your need any information, please contact me directly via of phone, it’s also possible to arrange a meeting. Sincerely, Egita Ostena

11. Losses Burned forklift, indemnity 45 000 EUR
Loader tipped over, indemnity EUR
Fence - damaged during storm, indemnity EUR
Stolen Audi Q3, from garage, indemnity EUR
Stolen computers from the office, indemnity EUR
Burned generator of the packing line, indemnity EUR
Theft in shop, indemnity EUR
Stolen building materials, indemnity EUR
Burned packing line diring repair work (because of welding), indemnity EUR
Theft by the builder (building materials), indemnity EUR

12. Task
Work in groups
20 min to prepare
4 min to present