For over 40 years, USLI has been a reliable liquor liability market. Over that time, we have found obtaining an accurate estimate of receipts at the time of quoting ensures we get the proper premium for each exposure, which plays a critical role in helping us remain a dependable liquor market long term.
USLI closely evaluates estimated receipts during the quoting process and/or at the time of binding to get more accurate sales upfront and avoid a high audit premium for the insured at the end of their policy term. Obtaining an accurate premium upfront is a known expense on the insured’s balance sheet, whereas a large audit can be an unknown expense that may be difficult for a small business to plan for.
Meaningful benefits we see for our customers through verifying receipts upfront include:
- Obtaining the proper premium for the account upfront, resulting in higher average premiums per policy and increased commissions
- Fewer large, additional premiums arising from audits at expiration
- Fewer instances where customers must forgo commission when the account is sent to a collection service
We do not want to charge our insureds any more than what is owed, and we will always return premium when audited exposures are less than what is estimated at policy inception. Some criteria we look at when underwriting receipts include prior year sales documentation, seating capacity, hours open and average menu prices.
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