Leave No Stone Unturned When Renewing Your Insurance
by Angie Harris, Vice President, Ladd Gardner Aviation Insurance Agency
In this dynamic aviation insurance market, your insurance renewal remains as important as ever, and should be treated that way. From start to finish this process can be as long as a couple of months, or as short as just a few weeks. So here are some pointers to keep your renewal going as smoothly as possible.
Providing updated info to your agent is of the utmost importance. This gives you the best shot at the most competitive premium and terms.
You may receive notice from your insurance carrier regarding an upcoming change in terms and/or premium, likely titled “Notice of Conditional Renewal.” It may include request for the updated info, at which time you should provide to your agent, if you have not already.
If you have not heard from your agent or carrier at least 30 days prior to your policy renewal date, reach out to your agent to see what updates they may need from you. They may have already started working your renewal behind the scenes on your behalf, but it does not hurt to double check.
You should expect your renewal quote about 2 to 3 weeks prior to your policy expiration date. In an ideal world it would arrive 4 weeks out, however, the current workloads being experienced by underwriters can cause some delay in quoting to the agents.
In order to ensure no stone is left unturned, feel free to ask your agent for a list of carriers they sought quotes from and what their responses were. Did they decline, quote too high, couldn’t provide your limits, etc.? It is important to know that the aviation insurance market has been canvassed for you.
Lastly, communication is key for a successful renewal process so be sure to respond to your agent as quickly as possible with the information requested.
Blue Skies and Tailwinds!