Understanding HSB’s specialty underwriting: Our 4-step approach
Learn about the role of engineers in understanding each risk and developing tailored solutions.
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At HSB, our Technical Risk Underwriting Solutions Team deals specifically with non-standard, high-hazard equipment breakdown risks. Each high-hazard risk is unique, and requires tailored wordings, comprehensive risk management, and a consistent underwriting philosophy to offer clients dependable coverage and peace of mind.
To meet these specialized needs, here is how we approach underwriting risk:
1. Understand the risk
The first step in risk underwriting involves assessing if it fits HSB’s risk appetite. If it does, we will work with the client to provide the most appropriate coverages, terms and pricing. This provides assurance to our clients that we take on risks that are within our capacity to manage.
2. Understand how the client manages risk
It’s essential to understand how clients operate, their perspective on risk, and how they tolerate risk. A few things to consider are whether they have a robust risk management mindset, a strong maintenance program, and their approach to asset monitoring. This is done prior to developing our proposal to ensure that the solution is effective and sustainable.
3. Conduct engineering review to understand client’s risk profile
HSB’s in-house engineers work with clients to understand the risk. During the engineering review stage, the most critical task involves a site visit to assess risks and exposures firsthand. This involves meeting staff, asking relevant questions, and accessing their expertise to truly gain a better understanding of how they maintain and operate the risk. It is always better to see the risk in person to truly understand the exposures.
Our engineering team works hand-in-hand with our underwriters, offering all the technical aspects to better understand the exposure. This helps create coverages based on the engineering facts.
4. Develop customized solutions
Each client is unique, with their own specific risks and exposures. Therefore, we offer bespoke and customized solutions tailored to the individual needs of each client.
We take a surgical approach to our underwriting to ensure we meet the needs of our clients while maintaining our underwriting guidelines. This ensures we can find win/win solutions and create positive outcomes for all parties involved.
Our underwriters keep an open mind, thinking outside the box to help our clients truly find the solutions they need.