On the list of primary resources to use in underwriting property and liability risks are:
(1) Information contained in the application;
(2) Dunn and Bradstreet;
(3) Mechanical and electrical engineers’ reports. Other sources range from the selected services discussed below
(4) Check your cheap auto insurance
The hearth Marshal Reporting Service. A reverse phone lookup (FMRS) reports to fireplace marshals in 27 states unstoppable claims its members have paid. Furthermore, the FMRS maintains a catalog on reported fire losses in every state which any member can use to discover the prior loss record of the claimant.
The Burglary and Theft Loss Index. Use of the Burglary and Theft Loss Index enables an associate to detect simultaneous claims on a single item or perhaps a claim on a loss which is why the claimant has previously been reimbursed.
The nation’s Automobile Theft Bureau. It is a service organization sponsored, operated, and supported by approximately 500 insurance providers writing automobile, fire and theft insurance. The Bureau assists within the recovery of stolen automobiles, investigates automobile and theft losses which may be fraudulent, and promotes programs designed to prevent or reduce such losses.
The Index System. The Index System accumulates and offers for the subscribers records concerning third-party personal and bodily injury claims.
In the processing of claims, the indexes of the American Insurance Association (AIA) could be checked to determine if the claimant has received some losses or is submitting claims for the same loss with other companies.
Reinsurance is simply a transaction between insurance firms where risk exposures are redistributed. In fact, reinsurance may be understood to be the “insurance of insurance.”7 Reinsurance is a crucial arrangement that is used to spread or layer the liability on high volume risks. The Reinsurance Facilities Corporation reported that over 20 insurers, including re insurers, were involved in within the grain elevator explosions that happened in the U.S. in 1977, when 54 persons died and $50 million in property damage was caused. More than 120 insurers were involved in covering damage carried out 1979 to Pennsylvania’s Three Mile Island nuclear power plant, insured for longer than $300 million.7 http://www.insurance.va.gov/miscellaneous/index.htm
Reinsurance involves a change in risk from insurance carrier to a different. The business that originally issues anything is the direct writer or ceding company. The business agreeing to accept any a part of the risk is the re insurer.