At Trisura, we have been developing solutions that will help you continue to serve your clients effectively and efficiently during these challenging times.

To help our broker partners, we have prepared an overview of additional information that underwriters may request on new and renewal submissions. Including this information in your new or renewal business submission will provide an underwriter with an excellent overview of how the risk you are marketing is dealing with COVID-19 and will assist in the underwriting of the risk.

Directors & Officers

  • Year-to-date financial statements in addition to year-end statements. This will allow an underwriter to view the impact of COVID-19 (if any).
  • Outline the potential impact the COVID-19 pandemic has on the business due. Including commentary on staffing changes, financial impacts, projections for the next year and any other noteworthy operational changes will help an underwriter evaluate the risk.
  • Outline plans that have been put in place to mitigate any negative impact to the business.
  • If a public company, has the impact of COVID-19 been disclosed to shareholders? If so, outline if there been any feedback?

Fidelity

  • Outline any additional internal/external controls that have been instituted to protect the company while employees are working from home during COVID-19. Include commentary on updated security measures for computer systems.
  • Outline specific changes that have been made with respect to callback provisions for Funds Transfer Fraud and Social Engineering Fraud while employees are working from home.
  • Does the client have a Business Continuity Plan in place? If so, provide details to assist the underwriter in evaluating the risk.

Errors & Omissions

  • Provide commentary on the impact COVID-19 has had on the business and include commentary on any changes that have taken place or that are anticipated.
  • If the client is looking to provide any new professional services that have not been provided in the past, make sure these new services are outlined so that an underwriter can review and include within coverage (thus avoiding a potential broker E&O claim).
  • Does the client have a Business Continuity Plan in place? If so, provide details to assist the underwriter in evaluating the risk.
  • Does the company have the ability to sustain their alternative method of providing services indefinitely?

Cyber and Technology Liability

  • Confirm what measures and controls have been instituted to protect the company’s systems while employees are working from home during COVID-19.
  • What plans has the company put in place to mitigate any IT or system weaknesses?

Property

  • Provide details of the measures taken to secure and protect the insured premise(s) while employees are working from home during COVID-19.

CGL

  • Provide commentary on the impact COVID-19 has had on the business and include commentary on any changes that have taken place or that are anticipated.

Having responses from your client to these additional questions may help an underwriter as they review your submission. This will help underwriters better assess the exposures and provide solutions in a timely manner.Having responses from your client to these additional questions may help an underwriter as they review your submission. This will help underwriters better assess the exposures and provide solutions in a timely manner.

All of our staff will continue to be available. We will be monitoring COVID-19 developments and will provide updates via email and on our website at www.trisura.com. You can also contact any member of our team if you have additional questions.

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