What belongs in a financial exhibit for underwriters

Brokers sometimes attach a glossy annual report and hope it answers every financial question. Underwriters usually need narrower exhibits:

1. Declared exposure schedule matching the premium basis (turnover, payroll, values) for the period being rated.
2. Prior year comparison when the risk is a renewal — same definitions, not a new chart of accounts midstream.
3. Peak versus average for seasonal or project-driven insureds.
4. Related-party note if material sales or storage sit with affiliates.
5. Loss-linked financial impact for large prior claims that changed working capital or asset values.

Audited statements help, but management accounts with clear definitions often beat a glossy report that never mentions stock peaks.

If you are unsure whether the exhibit set is thin, a disclosure gap assessment produces a ranked list before the market asks the same questions under time pressure.