Renewing insurance in today’s market is more difficult and time-consuming than ever before. The hard market has developed after several years of significant catastrophic losses. That situation has now been exacerbated by the impact of COVID-19, leading insurers to impose even more coverage restrictions. In general, stricter policy provisions include adding sublimits, changing deductibles, enacting policy safeguard limitations and more.
Following are the top ten questions underwriters are asking financial institutions in this mid- and post-COVID environment. Preparing responses in advance will help put your financial institution in the best position to successfully negotiate your insurance renewal.
As business advisors and lenders, we suspect you will also appreciate the following preview of the detailed questions underwriters will be asking your customers.
Answering these questions may prove challenging, but doing so now will ensure you are prepared when asked by the underwriter. Your insurance broker should be reaching out to you at least 60 to 120 days in advance of your policy renewal date to discuss creative solutions to ensure your organization is adequately protected at the most affordable cost. Please reach out to your local risk and insurance professional or a member of the CBIZ Insurance Services team for assistance.
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