15 Revamped Underwriting Guidelines in the Senior Living Market
Over the last two years, we’ve watched the senior living casualty market turn the worst it’s been in 20+ years. Long-term players have not only pulled out of the tougher venues but pulled out of the market on a national level.
The remaining contenders in the senior living space have taken on a whole new revamped underwriting approach. Here are the guidelines being reviewed when underwriting your risk:
- Venue (state, county, city, neighborhood)
- Previous loss history
- Most recent state annual survey and complaints
- Current resident census
- Staffing levels
- Star rating
- Resident primary diagnosis
- Ownership experience in the industry
- Longevity of senior staff
- Implementation of customer service and safe resident handling policies and procedures
- Current risk management practices
- Amount of risk the insured is willing to take via deductibles and self-insured retentions
- Google reviews
- Previous articles of owner and facility found on Google
Although this information may seem rather cumbersome, these are keys components to get the underwriters to understand your exposure at hand. With this information, it’ll allow your broker to put together the best options available to you. If you would like to discuss your current policies and risk management programs or explore programs we have available, we’re here to help you.
So, what are the best options for you?
Contact us and let us review your current program to provide guidance on how you can minimize risk.
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