Policy Review

Annual Policy Review

The Property & Casualty insurance policy is vital for any property owner. Unfortunately, many owners may be unaware of actual coverage details until after they are presented with a loss to an insured property. We have had policyholders confronted with onerous exclusions or high deductibles - sometimes changed years after purchasing the policy - which have left large liability gaps that were unknown until they filed a claim. As expected, such gaps cannot be addressed after a loss - by then it is too late.

JRS attorneys perform annual P&C policy reviews for all properties enrolled in our First Response Program. Our customers will receive an annual report breaking down their coverage and highlighting any concerning clauses, including exclusions or deductible issues. This process should be done at least once a year, because often insurers can modify your policy terms upon written notice to you. As you can imagine, such notices may be buried within stacks of documents or other notification they send out regularly. Once armed with the necessary information about any changes or potentially problematic policy terms, business owners and stakeholders can make informed decisions about their current P&C insurance coverage.

Why Review Your P&C Insurance Annually?

1. Adapt to Critical Changes: Changes, such as additions or alterations, may affect the applicable coverage or relevant policy limits. Knowing if such clauses, conditions, or exclusions exist ensures there are no unknown gaps
2. Understand Policy Changes: Most P&C policies can be changed at any time, so long as proper notice is provided to the policyholder. Understanding changes is vital to good decision making.
3. Optimize Financial Strategy: Aligning your insurance policies with your broader financial goals can enhance your overall financial security. This includes integrating your insurance strategy with other aspects of your business.

Key Areas to Focus On

1. Property Insurance: Ensure your policy covers the current value of your building and any attachments thereto.
2. Umbrella & Liability Insurance: Review other policies to make sure it aligns with your other business goals.
3. Policy Exclusions & Limits: Understand what is not covered by your policies and consider additional coverage if necessary. This can include flood insurance, earthquake insurance, or higher limits.

Steps for an Effective Review

1. Gather Your Policies: Collect all your current insurance documents, not just the declarations pages.
2. Provide Copies: Your account representative will receive the policies you send and arrange for their review internally.
3. Review Report: After JRS attorneys have completed their analysis a report will be provided to you.
4. Assess Your Needs: Consider the issues, if any, raised by the report and evaluate how they impact you, your business, and your stakeholders.
5. Consult with Your Agent: JRS is not your insurer or agent. Schedule a meeting with your insurance agent to discuss your current coverage and any issues raised in the report. They should provide insights and recommendations tailored to your situation.
6. Based on your review and consultation, update your policies to reflect your current needs. Ensure all changes are documented and that you understand the new terms and coverage limits.

Protect Your Properties

You will be able to respond to losses quickly

24/7/365 Service

Monitoring is done for each property 24 hours a day

Keep Stakeholders Informed

You can notify tenants, investors, and other stakeholders of potential losses immediately

Control Costs

Responding to and fixing damage quickly reduces the harm it causes you and other stakeholders in your properties.