Lee Genecki has over 16 years of experience underwriting A/E firms and providing risk management advice to design professionals. Before joining Hall& Company, Lee was the Director of Underwriting for the Travelers Design Program. In this role Lee spent ten years determining rates and establishing underwriting criteria. The Travelers program grew under Lee’s direction to include more than 8,000 design firms nationwide. Lee spent the early years of his career working as an underwriter for design firms with the CNA/Schinnerer Program.
Placing Professional Liability Insurance for Architects, Engineers and Environmental Consultants is our sole focus. As insurance brokers, we know that getting the best terms for our clients requires that we negotiate with underwriters the premium for each client. To do this effectively it is critical to understand how insurance underwriters view risk and the factors they use in setting premiums. The article below was written by Lee Genecki, one of our senior brokers. Lee was formerly the lead underwriter for the Travelers A/E professional liability insurance program. As the lead underwriter it was Lee’s responsibility to set rates and establish the risk assessment criteria for quoting premiums. This article describes risk factors underwriters assess and provides insight to design firms on how to complete an insurance application to present a firm in its best light. It also describes the role we play as a broker to negotiate competitive terms. Michael Hall, President, Hall & Company How Your Professional Liability Premium is Determined To those outside of the insurance industry it may appear that professional liability premiums are determined somewhat randomly by people with limited knowledge of the design profession. As a former underwriter turned broker, I am here to tell you that this misconception couldn’t be further from the truth. Your professional liability premiums are established through a process involving the assessment of several factors over which you have some power to influence. Looking through the eyes of an underwriter, design professionals can gain an edge in obtaining the best possible insurance premiums with the use of a thoughtful application submission. The article below describes the factors underwriters use in developing quotes for professional liability insurance.
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When an underwriter receives your application their immediate task is to evaluate your firm’s potential loss exposure. The two basic types of loss exposure are frequency and severity. Underwriters use the information on your app
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