Renewal Procedures

  • 120 days prior to renewal, generate expiration list and distribute to servicing agent and producer.
  • Servicing agent reviews entire client file to determine if changes are required on renewal.
  • Servicing agent determines special renewal/marketing considerations (moving to new carrier, competition, coverage upgrade, etc.) and updates client file.
    • 90 days prior to renewal, contact insured (letter, phone, fax, or e-mail) to:
    • Advise that policy is expiring
    • Ask if there have been any changes in exposures
    • Request any additional information required by carrier
    • Provide an indication of renewal premium
    • Obtain current list of property, vehicles, drivers, etc.
  • If coverage is being replaced with another carrier (marketed or quoted elsewhere), REFER TO NEW BUSINESS PROCEDURES.
  • Suspense for 10 days for receipt of renewal information from insured.
  • If renewal information is received, update client file and request necessary changes from carrier (NOTE: If coverage is to be added or increased, make the change immediately on the current policy and request the same change on the renewal).
  • If coverage is being renewed with a nonadmitted carrier, REFER TO SURPLUS LINES NEW BUSINESS AND RENEWAL PROCEDURES.
  • Suspense for 30 days prior to renewal for receipt of policy.
  • If renewal information is not received, contact insured to follow up and re-suspense for 10 days.
  • If policy is not received 30 days in advance of renewal, send second request to carrier and re-suspense for 10 days.
  • Prepare binder and invoice to be sent to insured 30 days prior to renewal.
  • When renewal policy is received, check against application, expiring policy and correspondence for accuracy, including:
    • Carrier and policy number
    • Named insured (make sure it is complete)
    • Description of operations
    • Type of entity (individual, corporations, LLC, etc.)
    • Effective and expiration dates
    • Retroactive date if claims-made policy
    • Rates and premiums
    • Minimum earned premium
    • Minimum premium
    • Limits of liability (including aggregates, if applicable)
    • Deductibles and self-insured retentions
    • Property valuation clauses (ACV, Replacement Cost, Agreed Amount)
    • Covered auto symbols
    • Classification codes and exposures bases
    • Experience modification (Workers Compensation only)
    • Description of property covered including scheduled items
    • Review all endorsements including:
    • Any new or unexpected endorsements?
    • Any reductions in coverage or increased deductibles?
    • Any missing endorsements?
    • Any state-specific endorsements missing?
    • Any endorsements requiring signature by insured?
  • Adjust invoice if necessary and update client file.
  • Prepare a transmittal letter to the insured.
  • If premium is unpaid, refer to accounting.
  • Mail or deliver the policy.
  • Clear suspense.
  • If renewal is not accepted by client, REFER TO CANCELLATION AND NONRENEWAL PROCEDURES—INSURED’S REQUEST