Simmonds Business Insurance Index™
>> Thursday, October 27, 2011
The Simmonds Business Insurance Index™
November, 2011
Renewal Premiums - Slight Increases
Renewal Coverages - Negotiate - But Be Ready To Lose
Buyer's Outlook - Long-Term: Prices Increasing / Coverage Restrictions
The soft market is coming to an end. Underwriters are asking questions. Insurers are restricting writings in areas. Coverages that were easy to get are requiring tough conversations and negotiations.
I had an underwriter refuse to offer crime limits over $25,000 to a wood products company the other day! Six months ago we could have probably negotiated for $100,000 at no additional premium.
Carriers are reluctant to offer renewal quotes early because they are afraid to miss an increase in the market premium. There is breath-holding going on about the January reinsurance renewals.
This will not be pretty.
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Scott lives in Maine and runs a successful consulting firm. He has worked with over 1,500 businesses in his 30 year career.
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