You may save a few dollars that year, but it will cost you in the long run. Be honest during the bidding process. Consolidation in the insurance industry has reduced the number of players in the market. As the insurance industry shrinks, you need to maintain your reputation in the market. Remember, the quoted price is not always the best deal.
Many insurance policies are subject to audit.
If exposures are understated, you could pay additional premiums. If there is a co-insurance clause, the payment of your claim could be reduced. Make sure that coverages are comparable. You won't know the true cost of your coverage until the claim is paid. As a member of A.R.A., you're entitled to consult with A.R.A. Insurance Services, whether or not you purchase our insurance.