Page 7 - Personal Underwriting Mandates & Guidelines - Binder - Version 3

General
GENERAL
BINDER RISK ACCEPTANCE & UNDERWRITING LIMITS
Obtaining accurate information of the risk, at point of sale, is invaluable to the insurer and in the best interest of the insured. The underwriter must assess the information to check that the risk adheres to the underwriting requirements. The insured’s answers to the underwriting questions and statements in the proposal form will be the basis on which a decision is made whether to accept the risk.
Underwriters must apply the terms, underwriting principles and procedures prescribed by this guide. Please refer to Addendum B for the consolidated Binder Risk Acceptance & Underwriting Limits which also includes information on referral and decline-type risks.
An underwriter must use his/her judgment and experience to interrogate all aspects of the risk before quoting. If the risk is not one that the underwriter feels comfortable writing, due to the nature of the occupation, the type of construction, claims history or any other reason, then rather decline to quote.
Referral risks must be sent to Hollard with the relevant supporting documents such as the pre-and-post renewal schedules, claims history, GRiP IRiS report and relevant questionnaires.
Hollard Insure Binder Library
Electronic copies of the Underwriting Mandates & Guidelines can be accessed and downloaded from the Hollard Insure Binder Library. The library includes various documents, such as:
○ The Hollard Private Portfolio and Hollard Prestige Portfolio policy wordings, excess and limits, amendments and proposal forms
○ Communications and circulars, including published #InsuranceTips
○ Hollard generic forms for the various binder products
○ Risk Acceptance Limits
Documents are continually updated on the site, as and when documents such as endorsements or product excess and limits change.
The access details for the Hollard Binder Library are:
Link: Password:
Kindly note: Reinsurance
http://www.hibinderlibrary.co.za/#personal
321321
Access to the binder library is limited to Hollard binder brokers only and may not be provided to other parties.
Written approval from Hollard is required before accepting risks over the Risk Acceptance Limits. If this is not complied with, the brokerage risks exposing Hollard as there may be no reinsurance arrangement in place to provide protection for the increased exposure.
6 Personal Underwriting Mandates & Guidelines – Binder – Version 3