Schedule of Hazards: Class Codes/Exposures/Rates

[JHickswbis]

I have recently been writing a lot of commercial lines. The main thing I am confused about right now is the schedule of hazards section in the ACORD 126 form. To make a long story short, I have been submitting some larger accounts (100K+) through a wholesale broker. He said all my work looks great, but I need to properly fill out the CGL class codes and rates. I have found how to look up the class codes, but can not figure out how look up the rates, exposures, territories, or premium basis. My wholesale rep told me he had no clue how to do it but made it sound like I has going to get sued if I didn't properly rate the CGL risk. Someone please help lol.

 

[Placementkid]

Sounds like someone is being tough on you. I do placement all day long and have never been told I fill mine out wrong. I usually will just give them the class, payroll, area, sales, etc... and let them take what they need to rate.

Isn't it their job to classify it properly based the information you provide them? I can tell you right now, I place a lot of business on a daily basis and I cannot tell you how each of my 50+ carriers rates their classes...

 

[lcalhoun]

I agree, you are being pushed around a little. Majority of the time you fill out as much as you can and submit to the wholesaler. If you bind the quote, then you can adjust your application per the company binder you receive. This would give you the rates that are specific to the class and company. No harm in revising an app before the policy issued.

 

[JHickswbis]

Thank you so much! I will absolutely be on this site more often asking questions. Haha

 

[Placementkid]

Thank you so much! I will absolutely be on this site more often asking questions. Haha

Not too much though, nobody ever met their goal by surfing this forum all day

 

[insurance1822]

I would consider another wholesaler. The one I use has been pretty good about holding my hand w/ those apps. In my experience though...they're always certain to push everything on YOU. Maybe call him to ask questions & keep it off email? Of course they can't "tell" you what to put on the apps; but they should also be able to telllllllllllllllll you if you catch my drift.

That being said, I dealt w/ this for maybe 1 year until the UW at my wholesaler began to work w/ me more. I don't do much through them & quite frankly I still dislike them & the UW in particular. But there's def a learning curve & I would just do your best to convey you're maybe new to these forms, but very interested in growing w/ them etc.