Bennie P&C, LLC - DBA Better Insurance Statement of Property & Casualty Brokerage Services

Date of last update: May 7, 2024

The services detailed below will be performed by Bennie, Bennie P&C LLC, and Bennie P&C Insurance Services, LLC, or an affiliate of Better Insurance (all collectively known here as ”Better Insurance”) appropriately licensed as an insurance producer, broker or agent in the corresponding states for any insurance policy or policies for which Company (”Company”) has awarded Better Insurance or one of its affiliates with Broker of Record (”BOR”) designation.

1. SCOPE OF SERVICES

A. Risk Management & Insurance Placement

1. Advise on appropriate insurance coverages, coverage limits, and the pros, cons, strengths, and weaknesses of prospective insurers.
2. Negotiate coverage terms, premiums, and the placement of coverage with insurers, for Company’s Commercial Property/Casualty insurance program.
3. Review insurance policies for conformity with the insurers’ proposals and obtain necessary revisions.
4. Obtain from the insurers and promptly deliver to Company the requested insurance policies, endorsements, and related documentation.
5. Verify the accuracy of each binder, certificate, endorsement, premium audit, and premium adjustment, and other documents received from Company’s insurer(s), and obtain revisions from insurers when needed.
6. Prepare certificates of insurance as requested by Company and as appropriate.
7. Prepare a schedule of Company’s insurance policies, including the names of the insurers, policy numbers, term, limits of liability, deductibles, retentions, payment plans and the estimated annual premium.
8. Monitor the financial strength of the insurer(s) providing Company’s coverages and inform Company in the event that the A.M. Best rating of such insurer(s) is reduced or falls below “A.”
9. Assist Company in developing and maintaining the underwriting-related information required to obtain insurance coverage, relying on the information provided by Company on the understanding that Company shall be responsible for the accuracy of such information.
10. Furnish continuing support, technical assistance, and guidance, as requested by Company. NOTE: This does not constitute legal opinion or legal advice, nor does it create an attorney-client relationship.

B. Claims & Loss Control

1. Monitor and offer comments with respect to loss control assistance provided by Company’s insurers, evaluate the recommendations submitted by the insurers, and negotiate changes, as requested and as appropriate.
2. Provide detailed loss data to Company directly from the insurers on a periodic basis.
3. Analyze Company’s loss data to determine trends in causes and sites of incidents and provide the data analysis to Company on a periodic basis.
4. Monitor the claim services provided by Company’s insurers, including theprovision of assistance regarding the submission of claims to insurers and regarding the interpretation of insurance policies.
5. Attend claims review meetings convened by Company’s insurer as requested by Company.
6. Analyze reserve amounts allocated for claims at certain values and notify Company as appropriate.
7. Monitor problematic claims on an ongoing basis.
8. At the time of binding of coverage, we will review the financial soundness of the insurers we recommend to provide your Coverages based on publicly available information, including that produced by well-recognized rating agencies. Upon request, we will provide you with our analysis of such insurers. We do not guarantee or warrant the solvency of any insurer or any intermediary that we may use to place your Coverages.

2. CUSTOMER OBLIGATIONS

The Services we provide to you rely in significant part on the facts, information, and direction provided by you or your authorized representatives. Accordingly, you must provide us with complete and accurate information regarding your loss experience, risk exposures, changes in the analysis or scope of your risk exposures, and any other information reasonably required or requested by us or insurers. It is important to advise us of any changes in your business operations that may affect our Services or your Coverages. Better Insurance is not responsible for any consequences arising from any delayed, inaccurate, or incomplete information.