commercial insurance renewal checklist

Corporate Insurance Policy Renewal Protocol

Document Control

• Document ID: INS-RNW-[__________]
• Version: 1.0
• Effective Date: [__________]
• Review Cycle: Annual (60 days prior to policy expiration)

1. Purpose & Scope

This procedure establishes a standardized framework for the annual evaluation, negotiation, and procurement of [Company Name]’s commercial insurance portfolio. This scope covers General Liability, Property, D&O, Cyber, and Workers' Compensation policies.

2. Prerequisites

• Access to [Insurance Brokerage Portal/Firm Name].
• Current policy declarations pages and endorsements.
• Financial statements for the previous [__________] fiscal years.
• Updated asset registers, payroll summaries, and revenue projections.
• Secure document repository (e.g., [Name of Cloud Storage]).

3. Roles & Responsibilities

4. Procedure

Phase I: Data Aggregation (90 Days Prior)

• Compile [__________] year-to-date revenue reports.
• Update schedule of equipment and real estate assets.
• Audit current headcount and payroll by department/state.
• Document all claims filed in the last [__________] years.
• Review current coverage limits against [Year] growth projections.

Phase II: Gap Analysis & Risk Assessment (75 Days Prior)

• Identify new operational risks (e.g., new offices, new product lines).
• Compare current premiums against industry benchmarks for [Industry Sector].
• Review policy exclusions with [Legal Counsel Name].
• Request "Loss Runs" reports from current carriers.

Phase III: Marketing the Account (60 Days Prior)

• Provide updated underwriting data to [Broker Name].
• Schedule renewal strategy meeting with the broker.
• Define "Must-Have" vs "Nice-to-Have" coverage enhancements.
• Instruct broker to approach [Number] alternative carriers for quotes.

Phase IV: Negotiation & Selection (30 Days Prior)

• Review broker’s "Renewal Presentation" document.
• Compare premium quotes, deductibles, and sub-limits.
• Negotiate specific endorsements or coverage extensions.
• Finalize carrier selection based on financial strength (A.M. Best Rating: [__________]).

Phase V: Binding & Compliance (15 Days Prior)

• Execute binding agreements and premium financing contracts.
• Verify receipt of Certificates of Insurance (COIs).
• Distribute updated policy summaries to relevant stakeholders.
• Archive all final documents in [File Path/System].

5. Quality Assurance & Pro-Tips

• Pro-Tip: Always request "Loss Runs" at least 90 days out; carriers are often slow to release them.
• Common Pitfall: Failing to update asset values leads to "co-insurance penalties" in the event of a property claim.
• QA Check: Ensure that the "Named Insured" on all policies matches the [Full Legal Name] of the parent company and all subsidiaries.

6. FAQs

Q: How far in advance should we start the renewal process? A: Start at least 90 days prior to expiration. This allows sufficient time for underwriting, carrier marketing, and internal budget approval.

Q: What if our premiums have increased by more than 15%? A: Request a detailed breakdown of the increase from your broker. Determine if the increase is due to loss history, market hardening, or an inaccurate assessment of your risk profile. If unexplained, trigger a formal Request for Proposal (RFP) to market the account to new carriers.