{"id":827372,"date":"2025-02-16T08:11:33","date_gmt":"2025-02-16T14:11:33","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/16\/navigating-the-hard-market-crafting-an-insurance-submission-that-wins\/"},"modified":"2025-02-16T08:11:33","modified_gmt":"2025-02-16T14:11:33","slug":"navigating-the-hard-market-crafting-an-insurance-submission-that-wins","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/16\/navigating-the-hard-market-crafting-an-insurance-submission-that-wins\/","title":{"rendered":"Navigating the Hard Market: Crafting an Insurance Submission that Wins"},"content":{"rendered":"<div>\n<nav aria-label=\"breadcrumb\" data-component-name=\"procore-breadcrumb\">\n<ol>\n<li><a href=\"https:\/\/www.procore.com\/library\" data-track-click=\"Breadcrumb, Internal, Library, bread\">Library<\/a><span role=\"presentation\"><svg viewBox=\"0 0 14 24\" focusable=\"false\"><path fill=\"currentColor\" d=\"M0.56967 0.189119L0.189137 0.569483C-0.0630455 0.821588 -0.0630455 1.23036 0.189137 1.48252L10.7098 12L0.189137 22.5175C-0.0630455 22.7696 -0.0630455 23.1784 0.189137 23.4306L0.56967 23.8109C0.821852 24.063 1.23075 24.063 1.48293 23.8109L12.8409 12.4565C13.093 12.2044 13.093 11.7956 12.8409 11.5435L1.48293 0.189119C1.23075 -0.0630397 0.821852 -0.0630397 0.56967 0.189119Z\" \/><\/svg><\/span><\/li>\n<li><span aria-current=\"page\" data-track-click=\"Breadcrumb, Internal, How to Craft Insurance Submissions That Win in a Hard Market, bread\">How to Craft Insurance Submissions That Win in a Hard Market<\/span><\/li>\n<\/ol>\n<\/nav>\n<div data-component-name=\"procore-meta-block-side-rail\">\n<p><span>By<\/span><\/p>\n<div>\n<p><span>Peter O&#8217;Brien<\/span><\/p>\n<div id=\"popover-content-:R1mmj94q5tmH1:\" tabindex=\"-1\" role=\"tooltip\">\n<p>Peter O&#8217;Brien<\/p>\n<p>Peter is the general manager of Procore Risk Advisors, a modern insurance and surety brokerage helping construction companies unlock the terms and services they deserve.<\/p>\n<p>Peter is a passionate business builder. Having spent the last ten years at the intersection of construction and technology, he has had a front-row seat to innovation&#8217;s impact on creating a safer, more productive, and more efficient industry. He is now focused on bringing similar efficiency to construction insurance. Previously, Peter built Honest Buildings, a SaaS platform for project owners, acquired by Procore in 2019.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><img decoding=\"async\" alt=\"Photo of man reviewing documents\" src=\"https:\/\/www.procore.com\/library\/wp-content\/uploads\/2024\/05\/iStock-1783431873-1-768x384.jpg\"  data-component-name=\"libraryItem-featured-image\" ><\/p>\n<p data-component-name=\"procore-paragraph\">Insurance and surety underwriters are often buried with submissions for new business and renewals. The increasingly volatile insurance landscape means more project developers and contractors are marketing their insurance programs, desperately hoping to find a better option.<\/p>\n<p data-component-name=\"procore-paragraph\">As a result, a mountain of submissions is stacking up on underwriters\u2019 desks nationwide. The quality of a contractor\u2019s insurance submission can materially impact their policy terms and rate.\u00a0<\/p>\n<h2 id=\"insurance-submissions-that-stand-out\" data-component-name=\"procore-heading\">Insurance Submissions That Stand Out<\/h2>\n<p data-component-name=\"procore-paragraph\">Before exploring strategies, it\u2019s crucial to understand the perspective of insurance underwriters. Construction projects inherently contain unique risks, and <strong>underwriters scrutinize submissions with a keen eye for detail<\/strong> and a focus on mitigating these risks. Their job is to identify and select risks that align with guidelines and promise profitability for the insurer.\u00a0<\/p>\n<p data-component-name=\"procore-paragraph\">The submission tells the story about your business. It is not simply a policy application, but <strong>a gateway for underwriters to evaluate your risk<\/strong> and make informed decisions.\u00a0<\/p>\n<p data-component-name=\"procore-paragraph\">Unfortunately, it is common for incomplete submissions to land on their desks, causing additional unwelcome work. When this happens, you may unknowingly put your business at a huge disadvantage.\u00a0<\/p>\n<p data-component-name=\"procore-paragraph\">A well-crafted submission is critical for unlocking preferred terms and rates. Here\u2019s what you should verify that your broker is working with you to include:<\/p>\n<h3 id=\"1-risk-transparency\" data-component-name=\"procore-heading\"><strong>1. Risk Transparency<\/strong><\/h3>\n<p data-component-name=\"procore-paragraph\">A detailed submission gives underwriters a transparent view of a contractor&#8217;s operations, projects, and risk management strategies. This transparency instills confidence and enables underwriters to assess risk more accurately. Identifying and acknowledging a risk doesn\u2019t mean the risk is bad for the insurer to take.\u00a0<\/p>\n<p data-component-name=\"procore-paragraph\">However, minimizing or glossing over risks in the project or program can hurt credibility. Without complete information, an underwriter might think they should assume the worst in terms of underwriting eligibility or pricing (or both).<\/p>\n<h3 id=\"2-mitigation-strategies\" data-component-name=\"procore-heading\"><strong>2. Mitigation Strategies<\/strong><\/h3>\n<p data-component-name=\"procore-paragraph\">Outlining comprehensive risk mitigation strategies within a submission demonstrates a proactive approach to risk management.<\/p>\n<p data-component-name=\"procore-paragraph\"><strong>Underwriters appreciate organizations that self-identify potential risks and have concrete plans to address them<\/strong>. A contractor who works at height and can demonstrate a sound risk management plan for this activity is a different risk than another contractor who does the same work but cannot demonstrate their plan to mitigate the risk. This is even more impactful when a contractor can ensure the plan is properly communicated, implemented, and executed.<\/p>\n<h3 id=\"3-data-driven-insights\" data-component-name=\"procore-heading\"><strong>3. Data-Driven Insights<\/strong><\/h3>\n<p data-component-name=\"procore-paragraph\">Incorporating relevant data and analytics into your submission offers a deeper understanding of your organization\u2019s performance. This could include historical claims data, safety records, and project-specific metrics<\/p>\n<p data-component-name=\"procore-paragraph\">This data gives underwriters objective, fact-based insights into your risk profile. Data is also crucial for analyzing industry benchmarks for similar risks and understanding why a certain risk stands out from a quantitative perspective.<\/p>\n<h2 id=\"selling-the-long-term-insurance-relationship\" data-component-name=\"procore-heading\">Selling the Long-Term Insurance Relationship<\/h2>\n<p data-component-name=\"procore-paragraph\">Insurance companies and sureties are rarely looking to write one-off policies. They want to build a portfolio of clients they can build a long-term relationship with \u2014 contractors who care as much about risk mitigation as they do.\u00a0<\/p>\n<h3 id=\"communication-builds-credibility\" data-component-name=\"procore-heading\"><strong>Communication builds credibility<\/strong>.<\/h3>\n<p data-component-name=\"procore-paragraph\">Submitting thorough and accurate information establishes a foundation for trust. Underwriters are more likely to offer preferred terms and rates to organizations they view as transparent, reliable, and committed to risk mitigation.\u00a0<\/p>\n<p data-component-name=\"procore-paragraph\">Indicate your desire for the insurer\u2019s input on better ways to manage your risk. After all, they see the good, the bad, and the ugly across the industry and can offer a broader perspective than any contractor can develop on its own.<\/p>\n<h3 id=\"details-matter\" data-component-name=\"procore-heading\"><strong>Details matter<\/strong>.<\/h3>\n<p data-component-name=\"procore-paragraph\">A meticulously prepared submission showcases your organization\u2019s professionalism and attention to detail. This makes the underwriter\u2019s job easier and signals that your organization takes risk management seriously. Anticipate the underwriter\u2019s questions and provide the answers before they\u2019re asked.<\/p>\n<h2 id=\"leveraging-data-for-a-competitive-edge\" data-component-name=\"procore-heading\">Leveraging Data for a Competitive Edge<\/h2>\n<p data-component-name=\"procore-paragraph\">In insurance\u2019s dynamic landscape, having a competitive edge is vital.\u00a0<\/p>\n<p data-component-name=\"procore-paragraph\">Imagine presenting underwriters not just with a standard submission but with a wealth of well-organized project-specific insights and industry benchmarks derived from Procore\u2019s extensive data analytics that strengthen the narrative of why your firm is a preferred risk.\u00a0<\/p>\n<p data-component-name=\"procore-paragraph\">In a market where terms and rates can significantly impact your bottom line, contractors can become more competitive by harnessing data to unlock preferred terms and <a href=\"https:\/\/www.procore.com\/library\/construction-partnerships\" data-track-click=\"Link, Internal, cultivate long-lasti, story_internal|cultivate long-lasti\">cultivate long-lasting partnerships<\/a>. Your submission is more than paperwork \u2013 it\u2019s your company\u2019s story and a strategic tool for creating a resilient and thriving future for your team.<\/p>\n<div>\n<div>\n<h2>Was this article helpful?<\/h2>\n<\/div>\n<div>\n<h2>Thank you for your submission.<\/h2>\n<div>\n<p><svg stroke=\"currentColor\" fill=\"currentColor\" stroke-width=\"0\" viewBox=\"0 0 24 24\" focusable=\"false\" height=\"1em\" width=\"1em\"><path fill=\"none\" d=\"M0 0h24v24H0V0z\" \/><path d=\"M1 21h4V9H1v12zm22-11c0-1.1-.9-2-2-2h-6.31l.95-4.57.03-.32c0-.41-.17-.79-.44-1.06L14.17 1 7.59 7.59C7.22 7.95 7 8.45 7 9v10c0 1.1.9 2 2 2h9c.83 0 1.54-.5 1.84-1.22l3.02-7.05c.09-.23.14-.47.14-.73v-2z\" \/><\/svg><\/p>\n<h2>0%<\/h2>\n<\/p>\n<p><svg stroke=\"currentColor\" fill=\"currentColor\" stroke-width=\"0\" viewBox=\"0 0 24 24\" focusable=\"false\" height=\"1em\" width=\"1em\"><path fill=\"none\" d=\"M0 0h24v24H0z\" \/><path d=\"M15 3H6c-.83 0-1.54.5-1.84 1.22l-3.02 7.05c-.09.23-.14.47-.14.73v2c0 1.1.9 2 2 2h6.31l-.95 4.57-.03.32c0 .41.17.79.44 1.06L9.83 23l6.59-6.59c.36-.36.58-.86.58-1.41V5c0-1.1-.9-2-2-2zm4 0v12h4V3h-4z\" \/><\/svg><\/p>\n<h2>0%<\/h2>\n<\/p>\n<\/div>\n<p>You voted that this article was . Was this a mistake? If so, change your vote <a data-track-click>here.<\/a><\/p>\n<\/div>\n<\/div>\n<div>\n<div>\n<h2>Scroll less, learn more about construction.<\/h2>\n<div>\n<p>Subscribe to The Blueprint, Procore\u2019s construction newsletter, to get content from industry experts delivered straight to your inbox.<\/p>\n<\/div>\n<\/div>\n<div data-component-name=\"procore-topic\">\n<h2>Thank you!<\/h2>\n<p>You\u2019re signed up to receive The Blueprint newsletter from Procore. You can unsubscribe at any time.<\/p>\n<\/div>\n<\/div>\n<p data-component-name=\"procore-authors\">Written by<\/p>\n<div>\n<p>Peter O&#8217;Brien<\/p>\n<p>Peter is the general manager of Procore Risk Advisors, a modern insurance and surety brokerage helping construction companies unlock the terms and services they deserve.<\/p>\n<p>Peter is a passionate business builder. Having spent the last ten years at the intersection of construction and technology, he has had a front-row seat to innovation&#8217;s impact on creating a safer, more productive, and more efficient industry. He is now focused on bringing similar efficiency to construction insurance. Previously, Peter built Honest Buildings, a SaaS platform for project owners, acquired by Procore in 2019.<\/p>\n<p><a href=\"https:\/\/www.procore.com\/library\/contributors\/peter-obrien\" data-component-name=\"procore-link\">View profile<\/a><\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.procore.com\/jobsite\/navigating-the-hard-market-crafting-an-insurance-submission-that-wins\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Peter O&#8217;Brien<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Library How to Craft Insurance Submissions That Win in a Hard Market By Peter O&#8217;Brien Peter O&#8217;Brien Peter is the general manager of Procore Risk Advisors, a modern insurance and surety brokerage helping construction companies unlock the terms and services they deserve. Peter is a passionate business builder. Having spent the last ten years at<\/p>\n","protected":false},"author":1,"featured_media":827373,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[497,41765],"tags":[],"class_list":{"0":"post-827372","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market","8":"category-navigating"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/827372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=827372"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/827372\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/827373"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=827372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=827372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=827372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}