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2025 Annual Approved Broker Insurance Timeline (in-process)

Approved Broker

Work on the 2024 Renewal

  • 4/1/2024 thru 2/28/2025

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. 

  • 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 (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)

  • Solicitation of Package Insurance Applications 

Brokers provided renewal terms by national providers McGowan/Aon  

  • Umbrella - New National Program Finalized (2/7)
  • Earthquake - (2/7 and 2/20)
  • 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 updates, Umbrella premium increase, numerous                       

            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"

  • 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 (Late-January)    

Brokers Send Insurance Proposals to Owner/Operators (2/10) 

  • Final Underwriting/Pricing Meetings with Markets (Feb)
  • Revise/correct proposals as needed via direction of Owner/Operators
  • Continued premium negotiations with insurance markets/companies 
  • 2/7: Brokers receive the new Umbrella and Earthquake insurance company and details
  • 2/20: Brokers receive redo of how some AK, CA, and HI MOOIC is priced
  • Final premium negotiations with insurance markets/companies 

Bind Coverages / Send Confirmations of Coverage to Owner/Operators 

  • O/O review/signing 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, 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 

  • 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 



Prior Year Timelines

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.



View Historical

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