What an insurance broker should check on a renewed policy

Verify the Core Schedule and Sums Insured

The first step is a direct comparison between the expiring schedule and the new document. You must verify that any changes requested during the renewal negotiation—such as increased limits of indemnity or new business locations—have been correctly applied. It is common for insurers to miss mid-term adjustments that were agreed upon just before the renewal date.

Pay close attention to indexation. If buildings or contents values have increased by a standard percentage to account for inflation, ensure these figures align with your client's expectations and the current market rates. An incorrect sum insured at this stage can lead to the application of the average clause in the event of a claim, significantly penalising the policyholder.

Identify Wording and Endorsement Changes

Insurers often update their standard policy wordings at renewal to reflect new legal precedents or appetite changes. These shifts are not always highlighted in the renewal invitation. You must check for new restrictive endorsements that may have been added silently to the document.

Check for these specific items that frequently change during renewal cycles:

• New exclusions related to cyber, communicable diseases, or specific geographical territories.
• Changes to the 'Conditions Precedent to Liability', such as new security requirements for commercial premises.
• Increases in excesses or deductibles that were not explicitly discussed during the quote phase.
• Sub-limit reductions for specific risks like 'Goods in Transit' or 'Employee Dishonesty'.

Ensure Disclosure and Compliance Accuracy

Under the Insurance Act 2015, the duty of fair presentation remains paramount. Review the 'Statement of Fact' or 'Proposal Form' attached to the renewal. You must ensure that every disclosure made by the client during the renewal meeting is accurately reflected in the insurer’s records. If a client mentioned a change in manufacturing processes and it is not noted, the policy could be voidable.

Comparing these dense documents manually is time-consuming and prone to human error. Modern firms are increasingly using tools like Jittan DocumentChecker to compare renewed schedules against original source files and quotes. This identifies mismatches or omissions in seconds, ensuring that what was promised by the underwriter is exactly what is delivered in the final policy document.