Approved Broker
Work on the 2024 Renewal
Partner With Clients and Support System Throughout the Year
Corp. Approval Process (Property/General Liability Only)
NOIT Meeting to approve changes for 2025 (Late January)
Broker Meetings at Corporate Headquarters (Early October)
Corp. Provides New Broker and Insurer Agreements/Requirements (12/6)
Insurers Review Requirement changes to decide if they want to participate
Brokers Review Requirement changes
Brokers Finalize Insurance Markets, Reprice, Renegotiate, etc.
Brokers Submit To Corp. Required Agreement Signers (10/25)
Brokers adhere to new Agreements/Requirements if they want to be "Approved"
Brokers provide other required items to Corp. per 2025 Agree. (12/31 or prior)
Execute/signing of all Annual Agreements (within 30 days after receiving correct draft)
NOIT Meeting (End of December)
Email from NOIT sent to all US Owner/Operators (January - numerous emails)
Brokers provided renewal terms by national providers McGowan/Aon
Clients Updated On Renewal, Expectations, etc.
Broker Update Their Internal Systems with Changes in Agreements and in Emails
changes to data feeds required (2/7)
Broker Final Negotiation of Terms, Options, Other Coverages
Brokers provided high-level email from NOIT (1/4) - "start your engines"
EPLI (optional), Cyber (optional), other Approved Rules, Approved Broker Listing, Excess
Property details, Coverage Compare Template to return, etc.
NOIT Final Meeting (Late-January)
Brokers Send Insurance Proposals to Owner/Operators (2/10)
Bind Coverages / Send Confirmations of Coverage to Owner/Operators
3/1 - Brokers Bind Coverages with their direct insurance companies/markets
3/1 - Package Policy Effective Start Date
3/1 - Brokers support NOIT in reconciling their bind data: Umbrella, Quake, EPLI, Cyber, Excess Property, etc.
3/6 - Owner/Operators deposit invoice(s) to be paid to Broker
Brokers support NOIT in reconciling their bind data: Umbrella, Quake, EPLI, Cyber, etc.
3/11 - Brokers end support to NOIT in reconciling their bind data: EPLI/D&O and Cyber
3/12 - NOIT Binds Coverage for Umbrella cc's broker
3/12 - NOIT Binds Coverage for CA Earthquake and cc's broker
3/12 - NOIT Binds Coverage for Excess Property cc's broker
3/12 - NOIT Binds Coverage for EPLI/D&O cc's broker
3/12 - NOIT Binds Coverage for Cyber cc's broker
TBD - Aon sends Broker Invoice for CA Earthquake
TBD - Aon sends Broker Invoice for Excess Property charges
3/15 - Brokers receive policies from their direct insurance companies/markets
4/1 - All Insurers required and provide 2 specimen/sample policies to Corp.
4/1 - All Brokers required and provide AM Best Ratings and Carrier/Market Listing
4/1 - NOIT Invoice sent to Brokers for ORMA Fees
4/1 - NOIT Invoice sent to Brokers for TLPG Fees
TBD - Aon provides final broker agreement to Brokers
TBD - Aon/Brokers execute Excess Property agreement
TBD - Brokers receive NOIT Cyber policies
Brokers receive NOIT EPLI/D&O policies
Brokers receive NOIT Umbrella policies
Brokers receive NOIT Excess Property and NOIT CA Earthquake policies
Owner/Operator
Loss Prevention
Review Claims/Losses (at least monthly)
Plan/Budget for 2024 Submits Insurance Application
Receive Insurance Proposal(s)Review Proposal With your Agent
Renew with your Broker and Send Payment timely
The current years timelines can be fluid depending on Corp. and NOIT. However, you can leverage the past years to set expectations and plan accordingly.
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