Policy renewals
Upon renewing an insurance policy, damage insurance agents and brokers must comply with certain obligations. Under these obligations, a representative must ascertain that the coverage provided for meets the client’s needs. Over the course of one year, these needs may change. Representatives should therefore:
- Consider renewals with the same diligence as they do for new policies. This includes:
- Reviewing the needs of the insured and re-examining them;
- Validating the actual coverage and advising the client;
- Reviewing the renewal issued and the payment method
- Refer to the Procedure made available by the Chambre de l’assurance de dommages (ChAD) to make sure that nothing is being overlooked.
- Contact the insured verbally or in writing. When communicating in writing, we encourage representatives to use one of the ChAD’s Check-Lists for the Insureds.
PROCEDURE
Policy Renewals
It is designed to help representatives comply with their obligations upon insurance policy renewals
- You will find among others:
- Information on reviewing and examining the needs of the insured
- What a renewal notice should include
- The obligations in relation to validating actual coverage
- Specifications concerning business insurance renewal
- Steps to take in order to review a renewal issued and payment methods
Tools and resources to help you
Categories: Memory Aid, notice
Notice regarding the renewal of a condominium unit owner’s insurance policy
Topics: Condominium, Policy renewals
Categories: Memory Aid, notice
Notice regarding the renewal of a business-lines insurance policy
Topics: Commercial-lines insurance, Policy renewals
Categories: Memory Aid, notice
Notice regarding the renewal of a business-lines automobile insurance policy
Topics: Auto insurance, Commercial-lines insurance, Policy renewals
Categories: Memory Aid, notice
Home Insurance Policy Renewal Notice
Topics: Home insurance, Policy renewals
Categories: Memory Aid, notice
Automobile Insurance Policy Renewal Notice
Topics: Auto insurance, Policy renewals
Category: Procedure
Policy Renewals
Topics: Auto insurance, Commercial-lines insurance, Home insurance, Policy renewals