Restaurant Risk and ISO Inspection Report

[sam816]

I am trying to get BOP quotes for a small restaurant through a wholesaler. The risk has been insured by a standard carrier for 8 years, had no claims. However I was told by the wholesaler that most carriers do not want to quote due to "not so complimentary ISO Building Inspection report", which was dated back in 1998.

This was totally unexpected to me, the building is joisted masonry, 100% sprinklered, with a fire suppression system present. I can't believe a carrier would rely on an outdated ISO report and not give any weight to my field observations.

Is the wholesaler making up a reason because this type of risk is not worth the efforts, or ISO report is truly so important?

TIA.

 

[INSUREGEEK]

Yes, restaurants are generally looked at pretty carefully from the property side.

It seems to me though the UW should be able to share some specific concerns from that 1998 report and ask what, if any, updates/repairs have been made and request proof. They can also request a new inspection, but I don't recall it being cheap or something that happens very quickly.

Good Luck!

 

[tpowell138]

Is this a prospect to you right now...?
Are they being non-renewed by standard carrier..?
There should be a more recent ISO report.
I would go to your favorite standard line carriers, rate it up and explain your notes. I have never ran into this issue with a 1998 report.

Sounds like wholesaler is dirty and making excuses why you should not try to rate standard lines. If so I would confront him on that because that's not a valid relationship you have with him/her.

Cheers,

 

[sam816]

Is this a prospect to you right now...?
Are they being non-renewed by standard carrier..?

Yes, this is a new prospect who is not happy with his current WC agent, so he wanted me to quote his BOP as well, BOP is with Century National which was renewed in April.

Sounds like wholesaler is dirty and making excuses why you should not try to rate standard lines. If so I would confront him on that because that's not a valid relationship you have with him/her.

Cheers,

That is my suspicion, I have lost accounts in the past due to the employees for a wholesaler not willing to go through what was possibly a lengthy quoting process and I found out another agent got the business using the same carrier - it is a lousy business model.

 

[hesse]

find out what he doesn't like about the report. I had a restaurant that had a really old ISO report due to being with same carrier for years and years. The issue was the ansul system according to the report was like 30 years old. Just have to verify whatever issues they have with the report have been taken care of.

On the flip side another ISO inspection on a Chinese restaurant had an issue with the way the exhaust ventilation was built it was wood or something with apartments above it. Walked away from that one

 

[AllstateMaine]

Carriers are getting pretty tough on taking on restaurants. I've had much more success through the surplus line carriers that will take on liquor liability like Griffin and the Hartford.

 

[Placementkid]

I pretty much write all my restaurants with our co-ops here in NY. They all write on urb forms, but they offer pretty good pricing along with the coverage. Not sure if you have that option, but maybe worth exploring.