By Brandy Cason, Administrative Assistant
Renewal information needs will obviously vary depending on the type of account, but generally there are some items that are the same across the board. Everything that is requested for a renewal is important as each part serves a role in helping the underwriter get a clear picture of how the risk may be changing from year to year so they can rate the policy properly. Your office will receive the renewal packet from Beacon Hill via email at least 90 days in advance of the renewal date and it will include your renewal application along with a list of all other items needed by the carrier in order to produce a renewal quote. Also included in this email will be the name of your renewal team contact person at Beacon Hill.
The main item needed for your renewal submission will be the renewal application. Applications will be carrier-specific according to who the policy is currently written with and will also be based on coverage(s). It’s important that we have the proper carrier application as each carrier has a different rating system. They have specific questions directly relating to the coverages being requested to help in the underwriting process. Since most carriers do not have applications for lines such as Excess or Workers Compensation, you will be asked to provide the appropriate standard Acord apps for these lines. For any Auto policy, you will be asked for a standard Acord form and possibly driver/ vehicle schedules along with current MVRs for all drivers. As carrier needs change and the scope of your insureds’ businesses also may shift, we try to stay on top of which applications should be used and will verify the application with the underwriter on a case-by-case basis before sending out your renewal packet.
Financials are another component you will be asked to provide with your renewal submission. The majority of policies are rated based on the insured’s annual revenue, so our carriers need to have a good idea of projected revenues. The carrier will compare the insured’s prior years’ earnings to what they are projecting for the upcoming year to help get the proper premium. The financial stability of the insured is also of interest to the carrier as they want to ensure that the insured will be able to not only cover the premiums, but also cover their policy deductible should a claim ever arise. The last common item that will be asked for or submitted with your renewal will be loss runs. Most carriers like to see at least the last five years of loss runs to get an idea of the insured’s true claim history.
This is just a general overview of the information you will be asked for at the time of your policy renewal. Once the underwriter has received and reviewed the renewal submission, there may be additional information required which will be handled by your renewal team contact. For more information on renewals, or to discuss a specific account, please contact us at (800) 596-2156.