Insurance Renewal Procedures

Document Type: Procedure
Version: 1.0
Last Updated: February 2026
Distribute To: CFO, Controller, Safety Director

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Purpose

Establish procedures for managing the annual insurance renewal process to ensure adequate coverage, competitive pricing, and timely completion.

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Why Renewal Management Matters

Business Impact:

• Insurance is major expense (often 5-10% of revenue)
• Inadequate coverage = financial risk
• Late renewal = coverage gap
• Poor preparation = higher premiums
• Compliance with contracts

Annual Goals:

• Appropriate coverage
• Competitive pricing
• Strong carrier relationships
• Compliance with requirements
• No coverage gaps

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Renewal Calendar

Typical Timeline:

Timeframe	Activity
120 days before	Begin renewal preparation
90 days before	Submit applications to broker
60 days before	Receive preliminary quotes
45 days before	Review and negotiate
30 days before	Make carrier decisions
14 days before	Bind coverage
Day of renewal	New policies effective
30 days after	Receive and review policies

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Renewal Preparation

Information Gathering:

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         INSURANCE RENEWAL PACKAGE
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Renewal date: _______________________
Broker: _______________________

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COMPANY INFORMATION:

Legal name: _______________________
FEIN: _______________________
State of incorporation: _______________________
Business description: _______________________
Years in business: _____

Locations:
| Address | # Employees | Use |
|---------|-------------|-----|
|         |             |     |

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FINANCIAL INFORMATION:

| Item | Prior Year | Current Year | Next Year (Est) |
|------|------------|--------------|-----------------|
| Revenue | $ | $ | $ |
| Payroll | $ | $ | $ |
| Cost of work | $ | $ | $ |

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OPERATIONS INFORMATION:

Work performed:
| Type | % of Revenue |
|------|--------------|
|      |              |

Geographic scope: _______________________
Maximum travel: _______________________
Subcontractor usage: _____%

Current projects:
| Project | Value | Location | Status |
|---------|-------|----------|--------|
|         |       |          |        |

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LOSS HISTORY:

5-year loss summary:
| Year | WC Losses | GL Losses | Auto Losses |
|------|-----------|-----------|-------------|
|      | $         | $         | $           |
|      | $         | $         | $           |
|      | $         | $         | $           |
|      | $         | $         | $           |
|      | $         | $         | $           |

Current EMR: _____
Loss runs attached: ☐ Yes

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SAFETY INFORMATION:

Safety director: _______________________
Written safety program: ☐ Yes
OSHA logs: ☐ Attached
Recent OSHA inspections: _______________________
Drug testing program: ☐ Yes

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Coverage Review

Coverage Checklist:

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         COVERAGE REVIEW
================================================================

Renewal date: _______________________

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GENERAL LIABILITY:

Current limits:
  Per occurrence: $_________________
  General aggregate: $_________________
  Products/completed ops: $_________________

Coverage issues:
☐ XCU coverage needed?
☐ Pollution coverage needed?
☐ Professional liability needed?

Contract requirements review:
  Maximum required by any contract: $_________________
  Current coverage adequate? ☐ Yes  ☐ No

Changes needed: _______________________

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WORKERS' COMPENSATION:

Current limits:
  Statutory limits: ☐ Yes
  Employers liability: $_________________

Classifications:
| Class Code | Description | Payroll |
|------------|-------------|---------|
|            |             | $       |

States covered: _______________________
Other states coverage: ☐ Yes

Changes needed: _______________________

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COMMERCIAL AUTO:

Current limits:
  Combined single limit: $_________________
  Uninsured/underinsured: $_________________
  
Vehicles:
  Owned: _____
  Hired: ☐ Yes
  Non-owned: ☐ Yes

Schedule attached: ☐ Yes

Changes needed: _______________________

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UMBRELLA/EXCESS:

Current limit: $_________________

Contract requirements review:
  Maximum required: $_________________
  Current coverage adequate? ☐ Yes  ☐ No

Changes needed: _______________________

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OTHER COVERAGES:

| Coverage | Current | Need | Notes |
|----------|---------|------|-------|
| Inland marine/equipment | $ | | |
| Builders risk | $ | | |
| Professional liability | $ | | |
| Pollution | $ | | |
| Cyber liability | $ | | |
| EPLI | $ | | |
| D&O | $ | | |
| Crime/fidelity | $ | | |

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Quote Comparison

Proposal Comparison:

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         INSURANCE PROPOSAL COMPARISON
================================================================

Coverage period: _______ to _______

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| Coverage | Current | Carrier A | Carrier B | Carrier C |
|----------|---------|-----------|-----------|-----------|
| GL | | | | |
| - Premium | $ | $ | $ | $ |
| - Per occ | | | | |
| - Aggregate | | | | |
| | | | | |
| WC | | | | |
| - Premium | $ | $ | $ | $ |
| - Rating | | | | |
| | | | | |
| Auto | | | | |
| - Premium | $ | $ | $ | $ |
| - Limits | | | | |
| | | | | |
| Umbrella | | | | |
| - Premium | $ | $ | $ | $ |
| - Limit | | | | |
| | | | | |
| Other | | | | |
| | | | | |
| TOTAL | $ | $ | $ | $ |

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CARRIER COMPARISON:

| Factor | Carrier A | Carrier B | Carrier C |
|--------|-----------|-----------|-----------|
| AM Best rating | | | |
| Claims service | | | |
| Contractor experience | | | |
| Certificate handling | | | |
| Agent support | | | |

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RECOMMENDATION:

Primary choice: _______________________
Rationale: _______________________

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Negotiation

Premium Negotiation Strategies:

Strategy	Description
Loss control	Demonstrate safety improvements
Experience	Highlight favorable loss history
Competition	Leverage competitive quotes
Long-term commitment	Multi-year deal for discount
Higher deductible	Trade premium for retention
Payment terms	Negotiate payment plans

Negotiation Tracking:

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         NEGOTIATION LOG
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| Date | Action | Carrier Response | Result |
|------|--------|------------------|--------|
|      |        |                  |        |
|      |        |                  |        |

Final premium: $_________________
Savings from initial: $_________________

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Binding Coverage

Binding Checklist:

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         BINDING CHECKLIST
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Effective date: _______________________

☐ All coverages confirmed
☐ Premium agreed
☐ Payment terms agreed
☐ Binder received
☐ Certificates ordered
☐ Prior carrier cancellation arranged
☐ Finance agreement signed (if applicable)

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DOCUMENTS TO RECEIVE:

☐ Binder
☐ Policy declarations
☐ Full policies
☐ Certificate of insurance (master)
☐ Auto ID cards
☐ Schedule of covered locations
☐ Schedule of covered vehicles

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Post-Renewal Administration

Policy Review:

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         POLICY REVIEW CHECKLIST
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Carrier: _______________________
Policy #: _______________________
Coverage: _______________________

☐ Policy received
☐ Declarations page correct
☐ Limits as requested
☐ Named insured correct
☐ Locations correct
☐ Vehicles correct (auto)
☐ Endorsements as negotiated
☐ Exclusions understood

Errors found: _______________________
Corrections requested: _______________________

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Certificate Management:

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         CERTIFICATE MANAGEMENT
================================================================

Master certificate received: ☐ Yes

Certificate requests pending:
| Holder | Project | Requirements | Status |
|--------|---------|--------------|--------|
|        |         |              |        |

Holder/endorsement tracker:
| Holder | Endorsement | Date Added |
|--------|-------------|------------|
|        |             |            |

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Insurance Review Calendar

Ongoing Management:

Month	Activity
Monthly	Review certificates issued
Monthly	Update vehicle schedule
Quarterly	Review open claims
Quarterly	Update payroll estimates
Annually	Full renewal process
As needed	Add locations, vehicles, coverage

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Related Documents

• Insurance Requirements Guide
• Insurance Claims Procedures
• Contract Risk Assessment
• Safety Program

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Template provided by support.construction. Start early—insurance renewals take longer than you think.