how do I find a company to underwrite insurance I want to provide?
I want to offer insurance in the massage therapy/bodywork industry. How do I find a company that might underwrite this?
- AnonymousLv 79 years agoFavorite Answer
I think you're completely not understanding how it works.
If you want to hire an "underwriter" to "underwrite" YOUR product, you can. But you can't SELL "your product" until you've invested millions in reserves and received approval from every state insurance commissioner that you want to sell in that state. It's damn expensive, and you'll need actuarial data (which you have to buy) to justify your rates.
Maybe you want to be a broker, and sell insurance for another company that's already WRITTEN that type of policy (there aren't many). You then need to get a license through your state insurance department.
But I think, that you want specifically tailored coverages, and you want someone ELSE to back up the limits with THEIR money. And that is going to be a VERY tough sell, unless you want to individually put each policy through a specialty company like Lloyds of London - which will tell you what they will and won't agree to, and demand top dollar for a specially tailored policy (starting premium $5,000).