The Renewal Process

by Robin Anderson in Account Executive Matters

Each policy typically has a one-year policy term. Every insurance company (carrier) will request certain required documents to either be completed or updated from last year. At the end of each policy term, your account executive (AE) will send you the required applications to start the renewal process.

Your Account Executive will email you the required applications for each policy renewing, about 90 days prior to your renewal. Sometimes this may be an entire new application, or it could be an update of the prior year’s completed application, along with what we call “the workbook” for any updates.

If your account qualifies for an automatic renewal (AR), your AE will send you the AR letter. Within the AR letter you will have the option to either go ahead and bind coverage for your renewal policy or request a quote to review before you bind coverage. You may also see options to bind coverage for one, two or even three years with an annual pay option or a prepaid option. The AE may request the updated information to be back by a certain date. This will allow us time to review and clarify any questions you/we may have and still have time to give the underwriting team a couple weeks to prepare a quote.

The quote is then sent to your account manager (AM) for review, for addition of any specialty policies such as the Directors & Officers and/or Cyber quotes, and to prepare a proposal. The proposal then gets sent to your AE, who will send it to you for review and set up a time to review together. Your AE may like to present the proposal via conference bridge or, now that we are unable to present in person, we are happy to present virtually.

The review of the proposal is a great way for us the AE to answer any questions or concerns you may have and educate you on coverages so you can make a confident and educated decision for your company. The renewal process is a great opportunity for us to make sure we are insuring you properly and to give you peace of mind that you have the coverage you need.


Contact Us

Telcom Insurance Group
National Telcom Corporation
Telcom Insurance Services Corporation

mailing address

6301 Ivy Lane, Suite 506
Greenbelt, MD 20770

phone

301.220.3200

fax

301.474.6196

email

TIG@Telcominsgrp.com