May 2024 Volume 6

OPERATIONS & MANAGEMENT

5. How are you (my broker) representing and describing my opera tions to insurance companies? Third, be proactive and address the following: 1. Review the action items and responses on loss control reports 2. Close open claims 3. Make sure your housekeeping is in order because the parade of insurance inspections may soon begin Finally, remember that the underwriters want to write the best risks. They want to be sold on why they should write you because they don’t need to do so. I recently spoke with an underwriter who already met their 2024 sales goals and it's April! Create the narrative on why your operation is “best in class” and show them why they should be insuring your business. The effort you put in will be well worth it. Property (2023 Q4): • Property rate increases accelerated in 2022 and into 2023; starting to temper in 2024 • Years of historically poor industry loss years (17’, 20’, 21’, 22’; poor start to 2023) • Restriction in appetite, capacity, non-renewal activity in chal lenging classes of business or poor performing accounts; catas trophe exposed capacity restrictions (flood/storm surge and wind/hail hazard zones). HUGE inflation pressure on losses. Katie Hensley, AIC Risk Management Consultant

FORGING WITH SCHULER– TURNKEY SOLUTIONS FROM A SINGLE SOURCE. The right solution for every part: Schuler ʼ s process and system technology provides a clear competitive and quality advantage–for cold, warm, or hot forming or for aluminum forging. The product portfolio includes mechanical and hydraulic presses, screw presses with direct drive and forging hammers. All presses are available in series with small to large tonnages that can meet your specific requirements.

Cottingham & Butler Phone: 563-581-2244

Email: kahensley@cottinghambutler.com Join us for an FIA Webinar on June 25, 2024 at 2:00 p.m. (EDT) to learn more about best practices and advice for insuring your business.

Schuler also offers automation, dies, process expertise, digital solutions, and service–made for you.

SCHULER NORTH AMERICA 7145 Commerce Blvd. Canton, MI 48187 Phone: +1 (734) 207-7200 marketing.information@schulergroup.com

MORE INFORMATION

www.schulergroup.com/ forging

FIA MAGAZINE | MAY 2024 57