When Should Your Insurance Expire?

I'm almost finished with my client's renewals for January 1, 2012.  This is always a hectic time of year.The most common renewal dates are the quarter changes - January 1, April 1, July1, and October 1.I'm not sure most policy holders get the attention they deserve when they are one of 100 renewals an underwriter is handling (I exaggerate).Pick a … [Read more...]

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...]

Renewal Results

A midwest bank came to me with concerns about their upcoming renewal. Their insurer was not enthusiastic, and their agent seemed resigned.The bank's current insurance premiums were $88,000 for the bond, directors' and officers,' and cyber liability. I poked and prodded the agent, who agreed to alternative quotes from another insurer. The initial … [Read more...]

Where Are Your New Insurance Ideas Coming From?

If you have been buying your insurance from the same agent for 10 years, where are your new insurance ideas coming from?Insurance is not a one-size-fits-all proposition. It is also not a once-and-done deal.Your operation changes. The insurance marketplace changes. Exposures that we never thought of five years ago are now costing businesses … [Read more...]

Policy Renewal Decision Process

A few weeks ago I started playing around with a graphical representation of the policy expiration decision. I started with renew or bid as the options. This weekend I had the "head-slapper" revelation - renew, bid, or broker selection. Here is the latest version - subject to change as my thinking evolves. Comments encouraged. I'm working … [Read more...]

To Bid or To Renew, Your Insurance, That is the Question

I've been playing around with a graphical representation of the decision a business must make to bid or renew their insurance.Here is the latest. A white paper is in the works.(Click on the image for a larger view.) … [Read more...]

Scott’s Rules of Insurance – Rule 4 – Insurance Is A Process, Not An Event

Rule 4 -  Insurance is a process, not an event.Managing your insurance is not just about your policy renewals.  As your business changes, your insurance must change.Your insurance is determined by your exposures.Certainly the renewal process is important.  However, there needs to be a regular chance to review and update coverage during the policy … [Read more...]

Rate Locks and Renewal Agreements

I often try to negotiate a rate agreement when I am working through an insurance renewal bid project for a client.  I want an agreement with the underwriter that the renewals are going to be handled in the same "Spirit" as the bid.Here is a response one underwriter gave:"Our methodology would be the fact we have our Accelerated Renewal program … [Read more...]

Policy Renewals – The In-Between Years

I'm currently working on about a dozen insurance bid projects.  When we finish each, we will have a new problem:  What will the premium be next year?No matter how good a job I do this year, next year is a mystery.Sometimes I can get the insurance company to agree on a consistent pricing structure - if the bid was submitted using 22% credits, the … [Read more...]