PACKAGE INSURANCE - PAST TIMELINES

PACKAGE INSURANCE - PAST TIMELINESPACKAGE INSURANCE - PAST TIMELINESPACKAGE INSURANCE - PAST TIMELINES

PACKAGE INSURANCE - PAST TIMELINES

PACKAGE INSURANCE - PAST TIMELINESPACKAGE INSURANCE - PAST TIMELINESPACKAGE INSURANCE - PAST TIMELINES

2023 POLICY YEAR

4/1/2022 - 12/31/2023 


Approved Broker

     Begin Working on the 2023 Renewal

  •  4/1/2022 thru 2/1/2023

     Partner With Clients Throughout the Year

     Corp. Approval Process (Property/General Liability Only)

  • Required Corp. Meetings (In-Person Chicago) with all Brokers and Insurers 
  • Corp. Provides New Broker and Insurer Agreements (Early-October) - 11/18
  • Brokers Finalize Insurance Markets 

                - solutions must meet or exceed draft insurer agreement requirement

  • Brokers Submit To Corp. Required Approval Items (Mid-October) - 12/2
  • Corp. Approval of Broker/Insurers (Early-November) - 12/24 (est.)
  • Execute/sign of all Annual Agreements (Mid-November) - 12/24 (est.)
  • Brokers provided high-level email on the renewal (November) - 12/21

                - national programs (Umbrella, EPLI/D&O, Cyber) rates up 58% per restaurant

  • Brokers provided full renewal terms for: - 12/22

                    Umbrella, D&O, EPLI, Cyber, and Earthquake

  • Brokers provide other required items to Corp. by January 1 

     Email Sent to all US Owner/Operators by NOIT - 1/5

  • Solicitation of Package and Workers Compensation Insurance Applications 

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

     Clients Updated On Renewal, Expectations, etc.

     Update Internal Broker Systems

  • Application Processing, Rate, Quote with the latest information, taxes, etc.

     Send Insurance Proposals 

  • 2/15-2/17 Final Underwriting/Pricing Meetings with Markets
  • revise/correct proposals as needed via direction of Owner/Operators
  • continued 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 Package Policy Effective Start Date

     Collect Deposits/Premiums and Remaining Paperwork 

     Reconcile/Pay Premiums/Fees to Companies, Markets, McDonald's Corp., ORMA/NOIT, etc. 

     Brokers Receive The Policies They Control

     Brokers Review The Policies They Control

     Brokers Sends The Policies They Control to Owner/Operators 

     Brokers Receive National Program Policies <- 5/25

     Brokers Review National Program Policies 

     Brokers Send National Program Policies to Owner/Operators


Owner/Operator 

     Loss Prevention Review

  • mid-year reviews, making your business a lower risk

     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 

     Submit Insurance Application

  • 2/1/2024 thru 2/21/2024

     Receives Insurance Proposal(s)

     Reviews Proposal With Agent

     Renews with Approved Broker

2022 Policy Year

4/1/2021 - 12/31/2022 


Approved Broker

     Begin Working on the 2022 Renewal

  •  4/1/2021 thru 2/1/2022

     Partner With Clients Throughout the Year

     Corp. Approval Process (Property/General Liability Only)

  • Required Corp. Meetings (In-Person Chicago) with all Brokers and Insurers 
  • Corp. Provides New Broker and Insurer Agreements - Early-October
  • Brokers Finalize Insurance Markets 

                - solutions must meet or exceed draft insurer agreement requirement

  • Brokers Submit To Corp. Required Approval Items - Mid-October
  • Corp. Approval of Broker/Insurers - Early-November
  • Execute/sign of all Annual Agreements - Mid-November
  • Brokers provided high-level email on the renewal - November

                - national programs (Umbrella, EPLI/D&O, Cyber) 

  • Brokers provided full renewal terms for: - Late December

                    Umbrella, D&O, EPLI, Cyber, and Earthquake

  • Brokers provide other required items to Corp. by January 1 

     Email Sent to all US Owner/Operators by NOIT - Early Jan.

  • Solicitation of Package and Workers Compensation Insurance Applications 

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

     Clients Updated On Renewal, Expectations, etc.

     Update Internal Broker Systems

  • Application Processing, Rate, Quote with the latest information, taxes, etc.

     Send Insurance Proposals 

  • 2/15-2/17 Final Underwriting/Pricing Meetings with Markets
  • revise/correct proposals as needed via direction of Owner/Operators
  • continued 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 Package Policy Effective Start Date

     Collect Deposits/Premiums and Remaining Paperwork 

     Reconcile/Pay Premiums/Fees to Companies, Markets, McDonald's Corp., ORMA/NOIT, etc. 

     Brokers Receive The Policies They Control

     Brokers Review The Policies They Control

     Brokers Sends The Policies They Control to Owner/Operators 

     Brokers Receive National Program Policies <- Late May

     Brokers Review National Program Policies 

     Brokers Send National Program Policies to Owner/Operators


Owner/Operator 

     Loss Prevention Review

  • mid-year reviews, making your business a lower risk

     Review Claims/Losses (at least monthly)

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

     Plan/Budget for 2023 

     Submit Insurance Application

  • 2/1/2023 thru 2/21/2023

     Receives Insurance Proposal(s)

     Reviews Proposal With Agent

     Renews with Approved Broker

Copyright © 2023 Package Insurance - Past Timelines - All Rights Reserved.

This website uses cookies.

We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.

Accept