Endorsements: Policy drafting service
Incorrectly drafted endorsements are often the cause of unintended claims outcomes, customer dissatisfaction, and in some cases, regulatory issues. Experience and feedback from clients show that underwriters often spend a significant amount of time drafting endorsements; time that could be more productively spent underwriting and winning new business. The approach of individual underwriters drafting endorsements can also lead to an inconsistency in the style, content and quality approach, which can cause customer confusion.
Our endorsement drafting service
We offer a fully-outsourced endorsement drafting service across all lines of insurance business, providing better clarity, consistency and certainty for your endorsements. We also free-up valuable underwriter time to concentrate on underwriting and developing your business.
The key benefits of our service are:
- five-day turnaround for all endorsements, even during busy renewal periods
- Endorsements signed off on delegated authority basis (if preferred)
- Endorsements drafted in your house style to work with your wordings
- Provision of detailed Management Information, specific to your requirements
- Dedicated phone number and email address
- Maintenance of your endorsement library (if required)
Strong track record
We are the only UK and Ireland law firm to have a team dedicated solely to policy drafting. Our team of wording technicians, overseen by a partner specialising in policy drafting and distribution, have drafted over 15,000 bespoke policy endorsements, giving us a unique insight into current trends.
We’re also regarded as leaders in the field when it comes to drafting in a way that’s easy to read and understand, thanks to our study into the readability of insurance policies in conjunction with the University of Nottingham. We incorporate the findings of that study into all of our drafting work, ensuring your endorsements are clear and easy to understand.
We have drafted endorsements across almost all classes of insurance business, so if an issue exists, there’s a good chance we’ve already see it!
We have a range of pricing options to suit all clients. We’re extremely flexible when it comes to pricing and are happy to agree bespoke solutions to ensure you only pay for what you need. Some of our typical pricing arrangements are shown below.
Monthly fixed fee and fully outsourced service
Where we act on a monthly fixed fee basis. The fee is calculated by reference to the number of anticipated endorsements over the year. You’ll pay the same monthly fee regardless of the number of referrals in any given month, subject to an annual ‘collar and cap’ arrangement.
If you’re looking for assistance on a one-off basis, we offer a per endorsement fee.
For specific projects, we are usually able to provide a fixed fee. This solution is often used when clients are likely to experience a significant amount of work against tight timeframes, such as the launch of new wordings or schemes which require a number of accompanying endorsements. Clients also often use this service to tidy up historic endorsement libraries.
Outsource your endorsement drafting
Call or email us today to discuss how our endorsement drafting service can help protect your business.