A 40% renewal increase, brought back to even
A Western Washington transportation company had a liability loss. At renewal, its insurer raised the rate by almost 40%. We placed the coverage at par with the expiring policy.
One loss, and a much higher renewal
The client is a transportation company in Western Washington. It had a liability loss.
When the renewal arrived, its current insurer had raised the rate by almost 40%.
A second opinion from the market
First Underwriters took the account to market on the client's behalf and came back with coverage at par with the expiring policy.
Renewed at par, not 40% higher
In place of an increase of almost 40%, the client's cost stayed level with the policy that was expiring. They are very happy with the outcome.
Three things that help when a renewal jumps
Don't wait for the renewal
If you've had a loss, expect it to show up in the price. Starting 90 days or more before expiration leaves time to approach other insurers.
Explain the loss
A short account of what happened and what has changed since helps an underwriter see one loss as one loss, and price it that way.
Get a second opinion
One insurer's renewal offer is one insurer's view. An independent broker can show the same account to others.
Renewal come in higher than expected?
Send us the renewal offer and your loss runs, and we'll tell you whether the market can do better.
This case study describes an actual First Underwriters client situation, with identifying details withheld. Every business is different. Coverage availability, terms and premium depend on each insurer's underwriting, and past results do not guarantee a similar outcome.