Frequently Asked Questions
Why should we subscribe and place risks on our own client account?
You have got full control of the underwriting panel and you define who sees your risks and who can bid. There is no subscription fee and no other costs when you are using the tool without support from our capacity consultants.
Are underwriters legally bound when they make a bid ?
Underwriters confirm their commitment when they make a bid. However, the bids are not legally binding. Contracts are signed as normal after execution of the auction process.
Do we still need a broker if we use Riskauction.org?
We are offering a consultancy service and a tool that helps clients and their brokers to perform the placement process in a more efficient and more transparent way. However, we are no brokers and there are many things outside our scope that brokers can do for their clients. Ask your broker to use our tool and engage our consultants for selected risks.
Are underwriters prepared to make bids on Riskauction.org?
Underwriters do not need special authorisations from their companies when the binding contracts are signed in the usual way.
Are there any advantages for underwriters to write risks through Riskauction.org ?
There are a number of advantages for underwriters when the efficient and transparent process is only one of them. Other advantages are equal treatment of the following markets and guaranteed best terms for the leader. Information provided for risks that are presented on the platform is usually very comprehensive when lead terms are already defined.
How long does an auction run?
The period of an auction can be defined for each risk individually.
What’s the minimum information that must be presented on the platform ?
1. risk name, 2. sum insured or insurance limit (basis of premium), 3. maximum premium rate, 4. minimum share, 5. maximum share.
What’s the maximum amount of information that we can present?
You can present as much information as you like and in any format on your own server or cloud.
Is my information safe?
You have got full control over the information that you share on your own server or cloud. Ask underwriters to sign confidentiality agreements before you share password protected information with them if this is necessary.
Do we have to pay a fee for using the tool?
PLACING RISKS WITH OUR TOOL IS FREE regardless of whether you find capacity or not. However, we encourage clients to work with our consultants. Consultants are free to agree consultancy contracts and fees – including contingent fees payable only if there is a favourable result.
Is there any fees for underwriters to use Riskauction.org?
No. WRITING RISKS WITH OUR TOOL IS FREE. Underwriters can register upon invitation from at least one of their clients.
Is there any fee if we subscribe but do not use the tool?
No. PLACING AND WRITING RISKS WITH OUR TOOL IS FREE.
We have a taylormade manuscript policy wording. Can we still use the tool?
Yes. Upload any type of wording on your own server or cloud and give access to the underwriters of your choice through the platform.
We are placing our risk in layers. Can we use the tool?
Yes. You can place your risk in layers and you can run auctions for different layers simultaneously.
We would like to try the tool in order to investigate alternative placement options, however, we may use our old panel of insurers. Can we do that ?
Yes. However, please make this clear in you risk description and explain to your underwriters what you are looking for.