2024 Annual Approved Broker Insurance Timeline (in-process)

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Approved Broker

Work on the 2024 Renewal

•  4/1/2023 thru 2/1/2024

Partner With Clients and Support System Throughout the Year

Support NOIT and Corp. with adhoc requests

Corp. Approval Process (Property/General Liability Only)

NOIT Meeting to approve changes for 2024 (September)

Broker Meetings at Corporate Headquarters (Late-October) 

Corp. Provides New Broker and Insurer Agreements/Requirements (12/9) 

Insurers Review Requirement changes to decide if they want to participate

Brokers Review Requirement changes    

Brokers Finalize Insurance Markets, Reprice, Renegotiate, etc. 

• Solutions must meet or exceed the new draft insurer agreement requirement
• Brokers/insurers re-budget for new requirements, liabilities, risks, etc.

Brokers Submit To Corp. Required Agreement Signers (12/21) 

Corp. and/or NOIT Provide Brokers Others Requirements 

• Outside of the new Annual Agreement items

Brokers adhere to new Agreements/Requirements if they want to be "Approved"

Brokers provide other required items to Corp. per 2024 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 (1/3)

• Solicitation of Package Insurance Applications 

Agreement Finalization with Insurance Markets

• Back/forth, fix clerical errors, changes to ensure each specific to Property/GL/Both, Corporate creates/sends DocuSign, execute, etc.

Brokers provided renewal terms by national providers Gallagher/McGowan/Aon (1/12) 

• Umbrella, Earthquake, D&O (optional), EPLI (optional), Cyber (optional) 

Clients Updated On Renewal, Expectations, etc. 

Broker Update Their Internal Systems with Changes in Agreements and in Emails

• Application Processing, Rate, Quote with the latest information, taxes, compares, etc.
• NOIT items: Earthquake premium increase, Umbrella premium increase, numerous                       

             changes to data feeds required, new 2/6 RSUI EPLI option, RSUI EPLI O/O deductible  

             exception/increase list, remove TLPG references, remove Lapointe references, new 

             policy numbers, Umbrella paperwork, etc.  

Broker Final Negotiation of Terms, Options, Other Coverages, and Premiums 

Brokers receive pricing for Excess Catastrophe Property (1/19)

Brokers provided high-level email from NOIT (1/22) - "start your engines"

• Required Fees Descriptions/Amounts, Umbrella, Earthquake, D&O (optional), 

             EPLI (optional), Cyber (optional), other Approved Rules, Approved Broker Listing, Excess                    

             Property details, Coverage Compare Template to return, etc.

NOIT Final Meeting in Hawaii (Late-January)    

Brokers Send Insurance Proposals to Owner/Operators (2/5)

• Final Underwriting/Pricing Meetings with Markets (Feb)
• Revise/correct proposals as needed via direction of Owner/Operators
• Continued premium negotiations with insurance markets/companies 
• 2/26 5 pm: brokers receive the excess property insurance company and details
• Final premium negotiations with insurance markets/companies 

Bind Coverages / Send Confirmations of Coverage to Owner/Operators 

• O/O signing/binding ASAP 
• ....before some worldwide event further disrupts the insurance market

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, etc.

3/2 - Brokers support NOIT in reconciling their bind data: Umbrella, Quake, EPLI, Cyber, etc.

3/3 - Brokers support NOIT in reconciling their bind data: Umbrella, Quake, EPLI, Cyber, etc.

3/4 - Brokers support NOIT in reconciling their bind data: Umbrella, Quake, EPLI, Cyber, etc.

3/5 - Brokers support NOIT in reconciling their bind data: Umbrella, Quake, EPLI, Cyber, etc.

3/6 - Brokers support NOIT in reconciling their bind data: Umbrella, Quake, EPLI, Cyber, etc.

3/6 - Owner/Operators deposit invoice(s) to be paid to Broker 

3/7 - Brokers support NOIT in reconciling their bind data: Umbrella, Quake, EPLI, Cyber, etc.

3/8 - Brokers receive policies from their direct insurance companies/markets

3/8 - NOIT Binds Coverage for Umbrella cc's broker

3/8 - NOIT Binds Coverage for CA Earthquake and cc's broker

3/8 - NOIT Binds Coverage for Excess Property cc's broker

3/11 - Brokers continue to support NOIT in reconciling their bind data: EPLI/D&O and Cyber

3/12 - NOIT Binds Coverage for EPLI/D&O cc's broker

3/12 - NOIT Binds Coverage for Cyber cc's broker

3/15 - Aon sends Broker Invoice for CA Earthquake 

3/15 - Aon sends Broker Invoice for Excess Property charges

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

4/23 - Aon provides final broker agreement to Brokers

4/23 - Aon/Brokers execute Excess Property agreement

5/15 - Brokers receive NOIT Cyber policies

TBD (as of 6/12) - Brokers receive NOIT EPLI/D&O policies

TBD (as of 6/12) - Brokers receive NOIT Umbrella policies

TBD (as of 6/12) - Brokers receive NOIT Excess Property and NOIT CA Earthquake policies

Owner/Operator

Loss Prevention 

• mid-year reviews, investment to make business a lower risk, safe operations, etc.

Review Claims/Losses (at least monthly)

• managing claims is important as those with the lowest claims, usually get the best rates

Plan/Budget for 2024 

Submits Insurance Application

• 2/1 thru 2/27

Receive Insurance Proposal(s)

Review Proposal With your Agent

Renew with your Broker and Send Payment timely