Detailed information regarding the need and purpose of coverage may be requested by the underwriter along with any of the following requirements.
•Income is always needed on the application
•The agent’s cover letter
•Inspection reports and business beneficiary inspection reports
•Personal and/or Business Financial Questionnaire
•Personal financial statements detailing a breakdown of personal assets, liabilities, and worth plus income information
•If the premium is greater than 5 percent of the gross family income, we may request an inspection report with additional clarification questionnaire
•Business financial statements from a CPA including balance sheet, income statement and accompanying notes.
•Copy of most recent W-2
•Agreements or contracts including buy-sell agreements, estate analysis calculations, trust agreements, loan instruments or similar documentation
•Individual, Corporate or Subchapter S corporate returns with their various schedules:
o Sole proprietorship income—Detailed under Schedule C
o Partnership—Partner’s income detailed under Schedule K
o Corporate—Schedule E details owner’s compensation and ownership
o Subchapter S corp.—Ownership and income Schedule K-1