Underwriting
The process of evaluating risk and deciding whether to insure it and at what price.
Vacancy
A condition where a building is unoccupied for a specified period, which can restrict coverage.
Loss History
A record of past claims that can affect eligibility and pricing.
Moral Hazard
The increased risk of loss when behavior changes because insurance is in place.
Property Inspection
A review of a property’s condition and risk factors to support underwriting decisions.
Risk
The chance of loss and the exposure that the insurer agrees to insure.
Hazard
A condition that increases the likelihood or severity of a loss.
Inspection Report
Documentation of property characteristics and hazards used to support underwriting and risk improvement.