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AldergateInsurance Brokers

N-04 · Guide

Six questions worth asking at every renewal

Renewal is the only scheduled moment when cover can be restructured without cost. Most policies renew unchanged because nobody asked.

A renewal invitation is a proposal to continue on materially the same terms. It is worth treating as a decision rather than an administrative step.

The questions

  • 01What has changed in the last twelve months that the insurer has not been told about?
  • 02Are the declared values still right, and when were they last independently assessed?
  • 03Do the limits still match what contracts, lenders or landlords require of us?
  • 04Which conditions and warranties are we actually complying with, in practice, every day?
  • 05Have any circumstances arisen that ought to be notified before the policy expires?
  • 06Where is the excess, and would a different excess change the premium enough to matter?

Disclosure

Changes to occupancy, activities, structure or ownership are usually disclosable, and disclosure is easier before renewal than after a loss. If you are not sure whether something matters, tell your adviser and let them decide.

General information published by Aldergate. It is not advice, does not take account of your circumstances, and does not alter the terms of any policy. Your own wording, schedule and endorsements govern.