Hardening Insurance Market - What should you be doing when it comes to renewal of your insurances?
This is a difficult time for organisations that are already under pressure financially. We are here to help; we have pulled together some top tips to think about when it comes to your insurance renewal period.
- Ensure that all open claims are being properly managed and that any claims which could be closed due to inactivity, are in fact closed. Ideally, this should occur at least 3 months before the renewal of your current insurance policies.
- Engage with your broker and insurers early – between 3 to 6 months before renewal. Conduct a full pre-renewal strategy meeting which includes relationships with current insurers, exploration of alternative markets, open claims and status, and any upcoming changes and developments that your broker should be aware of before entering the market.
- Explore whether presenting directly to your incumbent and/or potential insurers about your organisation is a useful strategy. If so, work with your broker to put together a clear overview of both your organisation, its risk framework and any specific risk mitigation strategies your organisation is implementing or reviewing.
- Provide full information including Annual Reports, policy and procedures (particularly those you have updated recently), risk mitigation strategies as part of your renewal information.
- Investigate whether your organisation is able to bear higher deductibles, and explore alternative insurance strategies with your broker.
- Obtain a regular update from your broker as to the status of renewal, and where necessary have your broker present directly to your executive or your board to answer any questions about the renewal results.
- Obtain premium funding quotations from your broker to support monthly payments of increased premiums to support spreading the cost at competitive interest rates.