Insurance Policy Renewals May Be an Opportunity to Obtain Better Policy Language

Insurance policy renewals may present an opportunity to obtain better policy terms—not just an opportunity to seek better premium rates. Policyholders can maximize this opportunity by examining their policies well in advance of renewal to identify terms that can be seen as overly restrictive. Insureds can work with insurance brokers to increase the protection that their insurance policies provide not only by adding new coverages, but also by asking the carrier to issue endorsements that eliminate exclusions and update the policy language in ways that can have significant effects on the coverage at the time of a claim or loss.