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...]

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...]

Changing Insurance Agents

Earlier this week I helped a client fire their current agent.My client had been working with the same agency for 20 years. In the past 6 years they have had three different service teams from the agency.Other than that, there were no real service complaints.We interviewed the current agent and three others as we tried to decide what to do for the … [Read more...]

Insurance Renewal Process White Paper Draft Review Copy Available

As I have mentioned here before, I have been doing a great deal of thinking on the subject of the business insurance renewal process - from the insurance buyer's perspective. I have put some of my ideas in a white paper, including ideas shared by the well over 100 people who commented on my posts, here and from other sites. I'm interested in … [Read more...]

Business Insurance Renewal Truisms

Here are broad ideas I have when looking at the renewal process from the insurance buyer's perspective: - The most important part of the insurance transaction is the relationship the insurance buyer has with the insurance agent.  That being said, few agents have unique skills and resources.  Almost any insurance buyer can easily find an agent who … [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...]

AM BEST Predicts Commercial Insurance Market Change

Insurance rating org AM Best is predicting that the commercial insurance market will start a move to higher prices, according to the Insurance Journal.I don't know if their prediction is right or not. I do know that the insurance marketplace right now is competitive for good risks. There are a great number of insurers chasing renewals and new … [Read more...]

Current Insurance Policies and Pricing

I'm working with a client who has upwards of 50 different insurance policies. When I did my first review of coverage, I suggested that the premium on one policy looked high to me.I was assured that the agent was a good guy, and took great care of my client. I continued my review only to find several indications that my client was being taken … [Read more...]


To me competition is the best way to get the best price and best insurance coverage.  Getting multiple agents and multiple insurers beating each other like a cheap drum always results in good things for the insurance buyer.Having only one agent who works with multiple insurance companies may be better than just renewing your current insurance.  … [Read more...]

Proactive Insurance Management

I just got off the phone with a reporter. We were talking about business insurance renewals.Major Point:It is best to start working on your renewal about 5 months before expiration. In that way you can move deliberately and proactively rather than re-actively.Scott Simmonds, CPCU, ARM, CMCProviding Insurance Assurance … [Read more...]