what is an unsatifactory risk?

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PostPosted: Wed Mar 04, 2009 2:08 pm   Post subject: what is an unsatifactory risk?  

what is an unsatifactory risk?


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PostPosted: Wed Mar 04, 2009 7:47 pm   Post subject:   

I believe that would be a potential 'insured' that the company the quote was requested from will refuse to insure...for some reason...it would help if you would give more information, as it 'could' be a few other things...as example : who told you this? based on what?



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Lori
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PostPosted: Wed Mar 04, 2009 10:01 pm   Post subject:   

Like Lori said, it really depends. Are you talking a commercial property or a dwelling. When an inspection of your property is made, everything that is wrong with it is recorded in regards to both property exposures and liability exposures. One here or one there doesn’t usually send up a red flag, but if there are numerous exposures they can add up to make the risk unsatisfactory. However if there is one large maintenance issue (roof that should have been replaced 10 year ago, knob and tube wiring, unlisted fire suppression system for commercial cooking or structural damage to building) that is all it could take to make it unsatisfactory. Let’s say you have chipped paint, debris (junk/trash) in your yard or up against the structure, a broken sidewalk, or non-serviced fire extinguishers. Now any of these by themselves may not be enough, but you add them up and they would make the risk unsatisfactory.

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PostPosted: Thu Mar 05, 2009 1:23 am   Post subject:   

I would think that the insurance company would list someone an unsatisfatory risk if they looked at past claims, age, location..lots of things...I guess it would really have to depend on what exactly the poster is stating.

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PostPosted: Wed Mar 11, 2009 4:05 am   Post subject:   

If you hear the term unsatisfactory risk, it is normally accompanied by "we're sorry, you've been declined for coverage!"

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PostPosted: Fri Mar 13, 2009 3:46 pm   Post subject:   

Thats what I was thinking. Usually it is the reason they give you when not insuring you.

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PostPosted: Sun Mar 15, 2009 5:46 am   Post subject:   

Quote:
If you hear the term unsatisfactory risk, it is normally accompanied by "we're sorry, you've been declined for coverage!"




Either that or they give you "x" amount of time to make repairs or fix the hazard.
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PostPosted: Sun Mar 15, 2009 3:56 pm   Post subject:   

great point das...



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