January 2016 Newsletter

    Insurance Reviews

As we ring in the New Year, we would like to talk about the importance of insurance reviews.  Often, the insurance renewal process comes down to comparing the premium to last year, paying the premium and filing the policy away.  Extra consideration is not given to updating and amending coverages to reflect changes which may have occurred throughout the year.  The challenge becomes encouraging insureds to take the time to review the content of the policy for relevance and accuracy.
 
Property

The property coverages and rates are subject to accurate building information. 
 

1. Has the square footage changed due to a renovation or building project?
2. Did the insured add new equipment, decorative elements or new contents to the structure?
3. Is the current building valuation accurate?  Has a recent appraisal been done on the pipe organ or stained glass?

Liability

The liability coverages and rates are also connected to specific details.
 

1. Has the number of students or teachers changed at the daycare or school?
2. Is the insured leasing or renting space to others since the last renewal?
3. Is the insured leasing or renting new space itself since the last renewal?

Workers Compensation
 

1. Has the number of employees changed?
2. Are the current class codes accurate?
3. Has the insured cooperated with WC audits to obtain correct payroll information, etc.?

Auto
 

1. Has the drivers list changed?
2. Did the insured buy or sell any autos?
3. Have the required vehicle maintenance inspections been performed?

While this is by no means a comprehensive checklist, by performing an annual review using the questions above the insured can take initial steps to verify its policies are up-to-date.