Firms with Claims: The Importance of Shopping at Renewal

The point is that shopping early in the renewal process allows the broker to develop competitive alternatives for firms to consider should the current carrier overreact to the recent claim.  The process of developing alternative quotes can include a special effort to demonstrate to prospective insurers the “lessons learned” for the current claim in order to assure the underwriter that this type of claim will not happen again.  This extra effort takes more time but can result in a much more competitive renewal premium and sometimes even improved coverage terms. READ MORE