Renewal procedures differ depending on the type of account being renewed. However, renewing policies typically involves

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1 Renewals Renewing a policy is an opportunity to o Reconnect with your clients; o Review their portfolios; and o Introduce new developments in the market or in insurance products. Renewal retention is a vital part in securing the financial future of a brokerage Renewal Process Renewal procedures differ depending on the type of account being renewed. However, renewing policies typically involves Identifying the policies that need to be renewed; Reviewing the accounts; Contacting clients to discuss the renewal; Ordering renewal documents; and Invoicing the premium. Contracts for automobile insurance under a government plan are renewed in a different manner than other insurance contracts with the basic coverage typically tied to the vehicle registration. Pre-Contact Review First, identify which policies are to be renewed. Make one list of all policies to be renewed (if more than one exists), sorted by renewal date. Create abeyances for policies to be renewed. Be proactive; contact clients days before the policy is to renew. Identify any high risk renewals or renewals that will require extra time a client who may require a specialty coverage or change in market or who suffered a loss during the past term. Review with your Client Review the following: Your client's profile then discuss it with the client Any new exposures your client might have Any lifestyle changes Any significant purchases Previously declined coverage the client's situation may have changed or the client may not have understood what the coverage was for when it was previously offered. At this time you would also update applications, if necessary some coverages require annual applications.

2 Order Renewal If the client's insurance needs have changed, the client requests a change in coverage (broader or narrower), or you are moving the client's coverage from one insurer to another, provide client with a renewal quote. You may calculate the premium for the renewal quote using manuals provided by insurers, using an electronic interface with the insurer, or by contacting the insurer directly to negotiate coverage. Often you will simply notify insurer of any changes, and the underwriter will make the appropriate adjustments. If a change to the account is significant, you may have to remarket the account. Current Market Knowledge Be aware of marketplace trends. Be aware of new coverage. Flag files of all those clients who may be interested in, or have a need for, these new products. Be aware of any new insurer mergers: o When insurers merge, it is common for the name to change. o Let your client know that only the name is changing; coverage and service will not be affected. o After a merger, renewal documents may take longer to be issued, but coverage will not be interrupted. As a broker, you can provide a binder confirming the renewal is in force, until the renewal policy arrives. o Explain to your client's that the situation will be rectified as the new combined insurer consolidates the book of business. Remarketing This is the process of changing insurers. It resembles the process for placing new business. A new business application is required as if you were placing coverage for the first time, including a full loss history. Update your file with any new information based on renewal discussions, such as loss history and any other information. Have your client sign the application. Reasons to Remarket A change in market can be initiated by an insured, an insurer, or a broker. Reasons Insurers Lapse They no longer write business They no longer write a particular class of business, i.e. Snowmobiles There is a material change of risk

3 Market Canvas Periodically canvassing the market to compare various insurance products available protects your clients' interests. It allows you to offer clients alternatives or comparisons for review, to ensure you are providing your client the best coverage for the best price. After reviewing quotes from other insurers, you may recommend that your client change markets, or that your client remain with the current market. Portfolio Transfer Sometimes an entire book of business is transferred from one insurer to another. This change can be initiated by the insurer or brokerage management. Policies are placed with the new insurer at the time of renewal. It is necessary to notify clients in writing. Renewing the Policy Once you have made the decision to renew, order the renewal documents if necessary. Renewal documents are generated by automatic renewal or manual renewals. Automatic Renewal Renewals are computer-generated by the insurer 30 to 60 days in advance of the renewal date. They are sent to the broker automatically based on the information the insurer has on file. The limits for property insurance are increased automatically to reflect the current inflation rate. You may have the file already before you review the account with the client. You may speak directly to the client or send a letter to explain the changes to the client along with the automatic renewal. If the client asks for changes ask the insurer to issue revised documents. Manual Renewals These renewal documents are identical to automatic renewal documents, except the underwriter reviews each file manually before the documents are released. Manual renewals may be required due to size of policy; class of insurance; or changes in coverage, limits, locations, operations, or vehicles. It is common with larger commercial policies, particularly where premiums are based on the insured's estimated sales or receipts for the coming year. For a remarketed account, advise the client of the renewal terms before ordering the renewal. If client okays the change, order the renewal and set an abeyance for the documents. Restricted Renewal Terms Sometimes a renewal is offered, but with restrictions. Options to deal with restrictions are o Buy out exclusions insurer agrees to current conditions but at a higher premium; o Higher deductibles insurer agrees to renew the coverage as is, but with higher deductibles; o Sub-limits insurer will offer a limited amount of coverage; o Improving the risk by implementing or increasing loss prevention and loss reduction activities; or o Changing insurers to one that offers the coverage the current company will no longer issue.

4 Binding Renew policies within your binding authority if the insurer has not renewed them by the renewal date. If a renewal exceeds your binding authority, obtain confirmation from the insurer that renewal is bound. Issue a binder confirming the coverage. If the renewal is with the expiring insurer, note the policy number on the binder and state the required changes to the policy. If the policy is with a new insurer, treat it like new business and detail the binder accordingly. Once you receive the policy, review it for accuracy. Documenting Renewal Discussions Send the renewal to insured along with a cover letter outlining your review of the renewal: o Outline any differences between the new and old policy, i.e. Coverage terms o Describe and list coverages the client declined o Recommend improvements to the coverage o Include an invoice for renewal premium o Recommend that the insured read the policy and advise of any changes o Thank the client for continuing to do business with you Non-Renewal Clients may decide to cease doing business with your brokerage. You may decide to cease doing business with certain clients. The renewal process includes assessing such things. Client's Decision The primary reasons a client decides to leave a company include pricing (premiums) and service (including claims): o Probe for reasons from client if leaving due to service o Note concerns to avoid this situation happening in the future o Client may be unsatisfied with the current insurer You may be able to salvage the account by amending the client's insurance program or changing your procedures with the client. Ultimately you may lose the renewal. In that case, document the file for all reasons that would apply and thank the client for doing business with you. Broker's Decision You may decide you do not wish to pursue account further for a variety of reasons: o You may prefer not to deal with the client whose only loyalty is to price. o An insurer may decide not to renew due to condition of the risk and you may be unable to replace the coverage or cease dealing with the client. If so, notify clients at least 30 before the renewal date that the policy is not being renewed, and confirm this in writing. This non-renewal process is also called lapsing. Endorsements An endorsement is an amendment to a policy that changes the terms and conditions of the policy.

5 Handling Procedures Document client's change request, try to avoid duplicate requests Update files as necessary there may be other policies effected, such as automobile and property policies Make sure the request is clear and concise; accuracy is important If you have any doubt about the request contact the client again before proceeding Only bind coverage within authority Confirm details in writing When an endorsement is received from the insurer, review the details for accuracy before sending it to a client If there is premium involved, invoice client for any amount refunded or still owing When clients ask to delete or reduce coverage, have them provide a written request A request to reduce coverage must be signed by the client Endorsement Uses Used to reflect mid term changes on a policy Insured may request an endorsement to: Increase or reduce limits Add or delete a personal articles floater Buying new property or renovating an existing one Starting a small business operation Sewer Back-up Protects against water damage resulting from backing up of sewers, sump pumps, or septic tanks. Frequently excluded from policies based on territory Can be purchased for an additional premium for either the same limit or for a specified lesser limit. Usually carries a larger deductible By-Laws Municipalities administer the standards and construction for buildings Govern new building construction, additions or substantial alterations to existing buildings Municipalities base their building codes on the Building Code of Canada New by-laws may have been established since the construction of your insured's house Only when the current structure is added to or changed does the building owner have to make sure they comply with the by-laws By-laws Insurance Insurers developed endorsements known as by-laws coverage to insure the additional costs an insured may face due to the operation of by-laws following a loss Insures: increased construction cost; demolition and debris removal; rebuilding of the undamaged portion; any increased loss of use due to construction time Please review page 18 in study 9 for an example of the different ways by-laws can affect a loss.

6 Home Exchange The exchange of homes or residences for a finite period of time The broker or agent will need to find out the relationship of the parties exchanging houses What will happen to the contents of a home, will any be put in storage? Will a tenants package be purchased when the temporary tenant moves in There will be a material change in risk and insurer must be notified The risk will most likely be insured as a rented dwelling and therefore will have no theft coverage Offer a quote for both a tenants package and belongings in storage Home Security System Ask for description of the security system insured has in place; is it local or monitored? Ask who installed the alarm system There could be some reduction of premium or discount based on the time of alarm system offered by the insurer Liability Endorsements The following will discuss the most common liability endorsements- this does not include commercial Vacant Land Deals with ownership of vacant land The liability of ownership of vacant land must be quantified; is there farming; any body of water on the land; any existing structures? Is there anything that might lead to injury, i.e. A poorly capped well Graveyard Plots Some policies have inclusions to cover graveyard plots, verify policy wordings to ensure coverage Watercraft If an insured owns a boat it is necessary to extend personal liability in some cases Home Business Insured may be operating a home business which will require extra liability coverage for business operations and incidental exposure, an extension to the existing policy or a separate commercial policy may be required Additional Insureds Liability for others on the premises Determine who the additional insured will be in relation to the policy holder, extra coverage may be required Legally, only the insured can make this request

7 Automobile Endorsements Common reasons for automobile amendments: o Automobile storage o Automobile values o Family protection coverage o Loss of use o Non-owned automobile driver coverage o (for a complete list of amendments see text C14 Automobile Insurance Part 1.) Automobile Storage Used when an insured wishes to suspend coverage for a period time to store his vehicle, thus saving premium Suspension of coverage: suspends third party liability and collision coverage Coverage that remains: accident benefits, fire, theft, vandalism, third party legal liability insurance while driving non-owned automobiles In the provinces of Quebec and Ontario direct compensation property damage coverage is also covered while vehicle is stored Automobile Values Required in 3 common situations: 1. Provides additional limits for the increased value of classic or antique automobiles 2. Limits the amount of coverage on appraised vehicles to less than the appraisal amount 3. Provides protection for the difference between the cost of a new vehicle and its depreciated value Agreed Value of Automobile Allows the insured to obtain replacement cost coverage on his automobile, based on an appraisal If a loss occurs the insurer will pay the increased cost and if a part is not available the insurer will agree to pay the manufacturer's last listed price Standard owners auto policy will reimburse the insured for the actual cash value (ACV) or current value of the vehicle Limit Amount Paid for Loss or Damage Insuring a vehicle for less than its appraised value Paid on an ACV up to a specified limit not including the expensive equipment which may have been added and any other customization Lowers premium Waiver of Depreciation Endorsement that allows for repairing the automobile as a brand new vehicle Only available usually during for the first year the car is new

8 Family Protection Coverage Also known as underinsured motorist protection or family security coverage Provides protection when the third party is underinsured; picks up the difference between the coverage Loss of Use Endorsement Used to accommodate when an insured's vehicle is needing repair Reimburses a certain dollar amount per day to a maximum amount to cover due to an insured peril Non-owned Automobile/Driver Coverages Standard owner's policy provides coverage for insured and spouse to drive other vehicles temporarily For extended use of driving a non- owned vehicle without permission coverage may be purchased by endorsement Provides third party legal liability while operating a vehicle and legal liability Depending on the province issued as a single endorsement or two separate Premiums and Payment Premium is the amount of money an insurer charges to provide insurance coverage Primary motivator for clients, but a less expensive policy is not necessarily a better one Premium Discrepancy Difference between the premium quoted and final premium The broker should fully understand the reasons why the premium increased to properly inform client To lower premium suggest increasing deductibles or reducing coverage Shop the market for a lower premium Payment Due when premiums become effective, no grace period usually Some brokerages link the collection of premium to receiving broker commissions Premium Payment Methods There are two basic forms of premium payment: direct bill and broker bill Direct bill = $ directly to the insurer (i.e. Automatic monthly withdrawal) Broker bill =$ remits premiums to the insurer Note: brokerage may earn interest on broker bill while premium is in remittance. Remittance is usually days.

9 Direct Billing Insurer makes automatic withdrawals from the insured's account based on 10 months, with a double payment initially to cover administration costs, in the case the insured cancels early Advantages: premium is divided equally over time and money has already been collected in case of a mid-term cancellation Disadvantages: in the event of an endorsement the adjustment payment can increase until the new endorsement is processed resulting in a very large premium at times. According to the text on page 26 of study 9 this can be done without prior notice to the client Cancellations for Missed Payments Insurer is entitled to cancel the policy for non-payment if the insured has insufficient funds in the bank account Generally there is a grace period, but insured can not assume this allowance will be made or that the policy will be re-instated once the payment is made Finance Companies Primarily used for large insurance companies in the paying of premiums Companies such as CAFO offer such services Differs from province to province but procedures are generally the same Finance company pays insurer in full, in return payments are made to finance company by the insured on a monthly basis Similar to taking out a loan Credit acceptance is based on: insured's performance, type of industry, who the insurer is.. Not based on assets Has the right to cancel policy for non-payment Brokerage Plans Some brokers offer there own payment plans Usually third of the premium due as a deposit, plus installments that are payable short term Usually desire to receive the premium in full before remitting to insurer. Common to have no more than two installments Invoice should include: payment terms, service charge (for installment plan), any overdue penalty charge for late payments Post-dated cheques generally not acceptable Other Payment Options Credit cards, but expensive for broker due to fees charged by credit card company Money order, cash or certified cheque for client's who have poor pay

10 Cancellations Both insurer and insured can terminate a policy if within policy conditions Minimum notice of 15 days to the last known address via registered mail Notification to all parties is necessary, i.e. Mortgagees, loss payees, certificate holders, assignees Policies can be cancelled: flat, pro rata or short rate For automobile insurer's must provide cancellation reason Insurer Initiated Usually due to non payment of premiums or risk does not meet underwriting guidelines Non-Payment of Premiums Can be requested by broker for broker bill accounts By the finance company By the insurer for direct bill accounts Usually cancelled for time on risk, but if premium is still owing, a demand for payment for unearned premium will be sent with cancellation letter Underwriting Reasons There has to be some change in underwriting risk since the time of binding I.e. Use of building changed such as renting to tenants or purchasing a new snowmobile Insurer would apply underwriting guidelines once they become aware of any new circumstances due to an inspection, claim or even an amendment request Insured may try to avert cancellation by trying to comply with underwriting guidelines or make arrangements with insurer until new cover can be found Request of Insured Requests because they no longer require the coverage or because they placed coverage elsewhere Required to cancel: signed, dated written request or original policy signed and returned or signed cancellation release Auto cancellations require liability slips returned** Insured may be subject to: minimum retained premium which is the minimum amount insurer will retain regardless of when the policy is cancelled Lapsing Insured may cancel the renewal on or before or after the renewal (usually up to 15 days provided there have been no claims) Ensure all renewal policies are returned, including copies for additional parties If the policy is written/insured in two or more names each insured must sign the request to cancel the policy Only the name insured can cancel the policy Letters of Authorization Are written notices to insurers specifying who is to be the broker of record on a policy Appointed or replaced in this manner at any time by the insured to handle all transactions on the policy including payment

11 The Process Insurer receives and advises existing broker of its receipt so that they may discuss with client before putting into effect Existing broker inquires as to the reasons they wish to change brokers If client still wishes to change brokers request any outstanding payment and close file X-date client for future sales or close file depending on client's response Qualifying the Prospect Ask the insured why they wish to switch to your brokerage, in order to properly qualify the client They may have been referred to you as a broker for your expertise Tactfully inquire if there has been any delay in premium payment with this client Mid-term Authorization If you wish to do business with the client, ask the insurer if they will accept a mid-term letter of authorization before renewal date as some do not Make sure that the insurer would also be offering a renewal or this business will just have to be remarketed anyway You do not receive any commission for a mid-term change Have client send letter of authorization and forward to insurer once they have decided to go with your brokerage Decision not to Pursue Either because brokerage does not represent insurer or does not meet preferred client profile

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