Hartford Fun Facts
This person is the CEO of The Hartford.
Who is Chris Swift?
TIV
what is total insured value
These buildings burn quickly as they have wooden walls, floors and roofs.
What is frame construction?
Commonly used for EQ and NWS deductibles, these are often subject to a minimum per occurrence.
percentage deductible
This person reviews property submissions received from the broker and determines pricing and policy terms.
Who is the underwriter?
The platform Navigators underwriters use for rating, quoting, and binding business.
What is Ascend?
NWS
what is named wind storm
A superior construction type, this is composed of fire-rated, slow-burning materials.
what is fire resistive? (also acceptable: modified fire resistive)
One factor we evaluate when underwriting a risk is that the insured is properly reporting the cost to rebuild the property. To gauge this we divide the building value by square footage - also known as ______.
What is insurance to value (ITV)?
This person works directly with the insured to give consultation on their insurance needs, and also works directly with the wholesaler in exchange for commission.
Who is the retail broker/agent?
Hartford's filing system, used by many departments for documentation and risk review. Old policies, UW notes, submissions and more can be found here.
What is ImageRight?
Flake
flood and earthquake
Brick, concrete, tile, or stone buildings with wooden roofs and floors.
What is Joisted Masonry?
Underwriters evaluate loss runs for trends. Sometimes we see a pattern of very small claims that occur often, and sometimes there is one very large claim. We refer to these as ______ and ______ losses.
Frequency and severity
This person evaluates losses to determine the carrier's liability under the terms of a policy.
Who is the claims adjustor?
These are the 7 main wholesale departments at Navigators.
What are primary casualty, excess casualty, property, inland marine, transportation, environmental and financial lines?
SOV
What is statement of values? (AKA schedule of values)
These buildings are lightweight steel or metal construction throughout.
What is noncumbustible?
When analyzing a risk, property underwriters dive into the risk characteristics otherwise known as COPE. These are the 4 identifying factors used to examine a risk.
What are construction, occupancy, protection and exposure?
This person acts as an intermediary between a retail broker and an insurer but has limited to no contact with the insured.
Who is the wholesale broker?
The Hartford provided insurance for the only home this former president ever owned.
Who is Abraham Lincoln?
The greatest dollar amount an underwriter can expect to pay from a single covered event, it can help an underwriter determine attachment point.
What is probable maximum loss (PML)?
The walls, floors, and roofs of this construction type are masonry, such as brick, concrete, stone, or tile.
what is masonry non-combustible?
When a roof is older and may need to be replaced soon, an underwriter may opt to use this type of valuation clause, which only pays for the useful years left on the roof
ACV
This person uses mathematical, statistical, and financial modeling to determine the chances that something will happen. Their analysis helps insurance companies design insurance policies.
Who is an actuary?