Resources
Insurance programme renewal checklist
This is the list we use to prepare a renewal. Go through it with a ninety-day margin: what is detected in time can be corrected, and what is detected in the last week can only be accepted.
Schedule and starting point
- Set the expiry date of each policy and work backwards ninety days.
- Gather the current specific terms and all endorsements issued during the year.
- Check the notice periods for cancellation to avoid being bound by tacit renewal.
- Identify who decides and who signs, and block the decision meeting in the agenda.
- List the changes of the year: new premises, activities, companies, markets or machinery.
Sums insured and values
- Compare the building sum insured with the current reconstruction cost, not the book value.
- Add the machinery and installations incorporated during the year.
- Value the stock at its peak campaign level, not the annual average.
- Review the insured gross margin in business interruption with the forecast for the current year.
- Confirm that the indemnity period covers the actual replacement time for critical equipment.
- Check the sums insured for electronic equipment and third-party goods in custody.
Covers, limits and scope
- Review sub-limits one by one: employer's liability, recall, adjacent properties, social engineering, goods in the open.
- Verify the geographical scope against the markets where sales have been made this year.
- Update the corporate perimeter with companies established or acquired.
- Check the new locations clause and its automatic declaration period.
- Review that the declared activity describes what the company does today, not what it did when the policy was taken out.
- Compare cyber guarantees against the technical requirements demanded by the current market.
Claims history and economic decision
- Prepare the three to five-year history with amounts paid and outstanding.
- Document the corrective measures adopted after each relevant claim.
- Calculate how many claims from the history would fall under each alternative deductible level.
- Compare the premium savings offered with the expected retention before increasing deductibles.
- Calculate the total cost of risk for the ending year: premium, retained, prevention and administration.
If three or more points appear without a clear response, the renewal requires technical preparation before going to market.
More resources
Other working lists
ChecklistProtocol for action in the event of a claimWhat to do, in what order and with what deadlines during the first hours. Designed to be printed and kept outside the computer.ChecklistMinimum requirements to be insurable in cyber riskWhat the market demands today before offering. It does not improve the premium: it determines whether there is an offer or not.ChecklistReview of capital for an industrial risk.How to review building, machinery, stock, and gross margin to avoid discovering underinsurance on the day of the claim.