An existing NYC Business Group client had installed solar panels on a building during the year. The change came up during our annual renewal review, prompting us to confirm whether the property still met the insurance carrier’s underwriting requirements. When the carrier advised that buildings with solar panels were outside its appetite, we shopped the coverage and found another insurance company willing to insure the property at the same rate.
The Challenge
Our client owned a building insured through NYC Business Group. As part of the renewal process, we reviewed the property with the client and discussed any updates or changes that had occurred during the previous year.
During that conversation, the client mentioned that solar panels had been installed on the building.
That may sound like a routine property improvement, but changes to a building can affect how an insurance company views the risk. Rather than simply renewing the existing policy without addressing the change, we went back to the carrier to confirm whether the newly installed solar panels affected its willingness to continue insuring the property.
The carrier told us that properties with rooftop solar panels were no longer within its underwriting appetite.
How We Helped
Once we learned that the existing insurance company would no longer accept the risk, we began shopping the client's property coverage with other carriers.
The objective wasn't simply to find another policy. We needed an insurance company whose underwriting guidelines accepted the solar panels while still providing appropriate coverage for the property.
We were able to identify another insurance company that would accept the building with the solar panels installed.
The Result
The client was moved to an insurance company that would accept the property with its rooftop solar panels — at the same rate the client had been paying.
What could easily have been treated as a routine renewal instead became an important review of whether the existing insurance company was still appropriate for the property.
By discussing changes with the client before renewal and checking the carrier's underwriting requirements, we were able to identify the issue and find another insurance option that accommodated the building's updated risk.
“A renewal shouldn't just ask whether you want the same policy again. It should ask what's changed.”
Insurance support goes beyond the policy
Insurance renewals are an opportunity to make sure the policy and insurance company still fit what is actually being insured.
A lot can change in a year. A business may add employees or vehicles, payroll may increase, operations may change, or a property owner may renovate or improve a building. Some changes can affect coverage needs, while others can affect whether an insurance company is willing to continue writing the risk.
That's why NYC Business Group doesn't view renewal as simply issuing another year's policy.
Reviewing what's changed gives us an opportunity to identify potential issues, discuss them with the insurance company when necessary, and determine whether the existing policy and carrier still make sense.