Commercial Renewals

[nyc2phi]

Is there any standard requirement on how long you have before you have to send out the renewal to your client?

Does it vary by state?

In this particular situation I'm worried about be shopped. The price increase in my thoughts is good because of the two claims they put through and I still don't think anyone can beat our rate but I feel like I shouldn't just hand them the renewal two months out?

How do you experienced vets protect your existing book?

 

[wow314]

Is there any standard requirement on how long you have before you have to send out the renewal to your client?

Does it vary by state?

In this particular situation I'm worried about be shopped. The price increase in my thoughts is good because of the two claims they put through and I still don't think anyone can beat our rate but I feel like I shouldn't just hand them the renewal two months out?

How do you experienced vets protect your existing book?

I have seen people wait until after effective date to give client renewal. I try to send mine when I get them. If I think I am being shopped I will wait and hand deliver.

 

[insurance1822]

I can't imagine somebody is going to beat Erie especially w/ 2 claims.

 

[XdateNotSexDate]

I'd say it depends on how antsy your client is, but would also make sure carrier doesn't automatically send the renewal out to them, especially with an increase, 2 months out.

If there is concern for being shopped, I'd hold off a bit, explain you're working on the pricing, talk about the claims (are they large, small?) and their possible effect on pricing, just keep him in the loop to put him at ease. Maybe there is info that helps explain to the u/w that they shouldn't be such a big factor in pricing.

Like Wow said, some agents are ballsy enough to deliver a policy on or sometimes after the renewal date. Good advice to deliver the renewal in person. a pre-renewal meeting might be appropriate too.

Not sure if there is a requirement on timeliness for providing renewal (as opposed to a non renewal), probably is one but it'd be a gray area none the less.