InterWeb obtained fantastic renewal terms for a large RIA firm who increased their revenue last year by an amazing 226%. Instead of seeing a huge increase in premium, we worked hard and ultimately lowered their deductible from $25,000 to $10,000, raised their annual maximum coverage by $1,000,000 and improved their E&O, Crime and Cyber coverage substantially. They opted to take a 6% premium increase in exchange for the lower deductible because given the market downturn, they will likely see a claim or two this year and ultimately a lower deductible is a great call.
To the insured's credit, they provided us with their renewal app more than 30 days in advance of their expiration. That gave us time to test the market on their behalf. We secured several quotes for their consideration. In this instance, it resulted in a change in insurers to secure these excellent terms.
The competing quotes we received, along with a comprehensive policy coverage evaluation, validated the quality of the proposal and made it an easy decision for the client to switch insurers with peace of mind.
It gave us an opportunity to flex our muscular broker skills and keep this valued client relationship for years to come.
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