The Condo Renewal Blues

Got a call this morning from the manager of a residential condo complex here in Maine.Last year's premium was $12,000.  Traveler's non-renewed the policy, as it is "coastal."  The manager worked with the current agent; several board members tried to help by going to other agents.  This left the insured with multiple agents all going to the same … [Read more...]

To Bid or To Renew, Your Insurance, That is the Question – Version 2

Here is version 2. I added a box and arrows showing the idea of a broker of record letter. My thinking evolves as I write the white paper that will explain my graphic. … [Read more...]

Agent Selection in a Bid Process – Case Study

Agent selection is the toughest part of the insurance renewal bid process. However, nobody seems to talk about the actual dynamics of the process. I thought a snapshot of my thoughts and considerations from a current bid project would be instructive.This is typical of the issues and thinking behind assigning agents in an agent selection or … [Read more...]

Business Insurance Policy Renewals

There are only four choices when you are anticipating the renewal of your insurance.  Each approach, from the insurance buyer's perspective, has advantages and disadvantages:Renew-As-Is - Renew with the current agent who renews with current insurer Easy - agent has info he needs No competitive pressures to push better coverage or price Nobody … [Read more...]

How Often To Bid Your Insurance

I'm participating in a few insurance industry Internet forums discussions over how often a business should bid their insurance.One agent answered honestly (wink) when he said, "Every year until they hire me as their broker, then they should stop!!!!!"Naturally the answers are diverse and many are not unexpected. The old standard of not more than … [Read more...]

The Business Insurance Bid Process

I have been spending a fair amount of time thinking about the commercial insurance bid process.Lately I have posted to several insurance discussion websites looking for input and comments on the current market and traditions.Here are some of the comments so far.I'd like to open it up here too.Insurance buyers, when you bid your insurance what is … [Read more...]