7 tips for getting the best property insurance rates at renewal time

Most companies are aware of the fact that when its renewal data reaches an underwriter’s desk, there is a pile of similar proposals competing for the underwriter’s attention, said Bill Way, a senior vice president with the U.S. Property Practice Group, Marsh Global Risk Management.

Speaking at Marsh’s Risk Management 101 Webcast: Basics of Property on March 11, Way explained that it’s easy for underwriters to say, “I’m too busy” or, “your renewal doesn’t fit the profile of what I’m looking for.” In that case, the underwriter may not do as thorough a job as you’d like in reviewing your materials. In the worst case scenario, the underwriter could completely decline the risk. “That’s not going to help you create competition in the marketplace for your renewal business,” Way adds.