This article explains the Stage 2: Quote Pack portion of a Mio© M&A Project.
In this stage, all of the information required to quote the insurance will be provided, reviewed and signed by the project participants. From there, Fusion underwriters will evaluate and provide quotes back.
The last step is the selection of the desired quote by the insured to move forward to the following stage, Stage 3: Binder Pack.
For more information on Stage 3, see How To Mio© - Stage 3: Binder Pack Explained
This stage is broken into 3 phases:
1. Filling Forms (and Information Uploads)
- Upload Required Information - see Mio© Required information uploads
- Fill Forms - See Mio© 3DF© and 2DF©: Explained
- A 3DF© Form (Digital Due Diligence) is required from the Buyer in a Buyer-Side Policy.
- A 2DF© Form (Digital Disclosure) is required from the Seller in all Policies.
- Have principal Advisor(s) Review the information
- Sign the forms, locking any changes for auditability
2. In Underwriting (nothing required on your end; this portion takes under 24hrs)
- All collected information will be reviewed by Fusion underwriters
- Fusion underwriters will provide associated Mio© quotes within 24 hours of forms signing
3. Quote Packs Ready
Once you reach "Quote Packs Ready" status in Stage 2 - Quote Packs, the Quote Pack is provided from underwriting for your review.
The Quote Pack consists of an NBIL (non-Binding Intent Letter), a Policy Wordings draft document and the Warranty Schedule draft for the quoted policy.
The last item in the Quote Pack Stage is for the insured to review their Quote Packs and Select a quote to move forward with.
All of these items are further explained in our step-by-step guide.
Please click on the below link to get started with your Information uploads and form filling: