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Why Are My Renewals So Delayed?

By January 5, 2024January 9th, 2024Blog, Business Insurance, Business Protection

I hate to be a broken record, but it is still a huge issue for Boards of Directors and Property Managers as to why their proposals and renewal information are being delayed until sometimes the day of expiration.

I’m happy to shed some light on this, although it won’t be the answer you’re all looking for.

Due to the current insurance climate and especially the Umbrella market still being in turmoil, brokers are marketing out and trying to replace coverage more than ever. It’s not just replacing the Umbrellas – which we have been doing while also dealing with huge issues, as the remaining Umbrella carriers that are still in the game are inundated with submissions. We’ve also been seeing many Commercial Package carriers that are non-renewing portions of their books of business and/or non-renewing individual accounts as well.

The reasons we are seeing for non-renewals are due to non-compliance of loss recommendations, claim history, and building violations.  The carriers are still holding all the control, and your brokers are trying their best to secure replacements for many Associations and building owners.  Now, not only are the available Umbrella carriers slammed with submissions, but most carriers, in general, are as well.  This leaves the carriers to underwrite what they want, when they want, and sometimes not until very close or even on expiration.

Your brokers are doing everything they can to get you replacements in a timely manner, but the truth is, it is pretty much out of our hands.  We are waiting patiently for our quotes, just like you are.  We hope in the future (hopefully the near future) that things calm down, but right now, we’re are still in the thick of it.

My advice to you is to stay in touch with your broker.  Feel free to ask questions and stay involved. I feel like I’m on a conference call or board meeting several times a week to help explain and advise the best way to help your Association and clients. It is difficult to understand if you are not aware of what is going on and the best way to keep the peace, so to speak, is to educate and review with your boards and building owners.  We are happy to help and are always available.

Feel free to reach out to me for some literature and or if you need me, or anyone at Mackoul, to step in and speak with your boards and insureds. 

We will get through this.

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