Buyer's Insurance Market Continues

Without any hints as to whom I am speaking of (agents read this blog too - I will not mention the industries or the regions), I just received several proposals on bid projects.

The renewals are being offered at about 20% below last year's premium with significantly better coverage. The competing carriers (multiple agents) are offering quotes at 40% off of the current premium - again, with much better coverage.

The accounts I am speaking of have an average premium of over $200,000 and have not been to bid in about five years.

I say again... If you have not bid your insurance in the past three years using multiple agents and multiple insurance companies, you are probably paying too much and not getting all the coverage you can/should have.

There are reasons not to bid your insurance. That decision, however, has a cost - in coverage and in premium.