Keys to a Smooth Property and Liability Renewal

by Nicki Hess

It seems that we just wrapped up the majority of property and liability renewals with the Fund, even though the property and liability members renew all year long. Soon we will have Thanksgiving, Christmas breaks, and then before you realize it, it is renewal season again.
Here are a few tips to make the renewal process run smoother for you and the Fund’s Underwriting Department.

• Review your coverage. If there are changes to your coverage that you have been considering or interested in starting, inquire now and contact your Marketing Consultant. Have you been considering a higher deductible for a lower contribution? Are you interested in increasing your limits or changing a floater option? Asking about changes up front saves you time, as you have to review your options only once at renewal.
• All members of the property and liability program receive a renewal packet which contains an instructional letter and forms for the member to complete. The Fund’s Appraisal Department will send an electronic copy of the member’s Building and Contents Schedule for you to review and approve. Approving the Building and Contents Schedule allows the Underwriting Department to accurately renew the member’s Total Insured Value (TIV).
• The renewal packet includes the Renewal Information Questionnaire, Vehicle Log, and Add/Delete Vehicle form. The Renewal Information Questionnaire asks questions important to Underwriting and also provides additional detail regarding the member’s risk tolerance. These questions, as well as updating the vehicle log, are important for accurately pricing your renewal.
• As soon as the Fund’s Underwriting Department receives the renewal information from the member, the Underwriting Department starts the renewal process and if applicable, the audit process. This process includes production of appropriate paperwork. Underwriting will initially send the renewal electronically to our members followed by a visit from the members’ Marketing Consultant with the complete renewal packet.
• Once you receive the renewal packet you will need to review the information and let us know of any changes that are needed.
• In order for the Members’ coverage to remain in force, the Underwriting Department must receive the signed Contribution and Coverage Summary (CCS) and Interlocal Participation Agreement (IPA), if applicable prior to the renewal date. Some members must take their renewal to their Boards for approval. If this is necessary make sure that the CCS and IPA are signed by an authorized representative for your entity.
• Other documents in the renewal package include coverage documents, instructions for reporting claims, invoice(s), and automobile identification cards for those members who are in the auto program.

The renewal process is simple and now can be delivered to you faster only when we receive the information in a timely manner, and with today’s technology, we are all only an email away. For more information or questions, please contact the Fund’s Property and Liability Underwriting Department at 800.482.7276.