The annual fifteen minutes is the best value-for-effort insurance work there is: it costs nothing and it heads off the surprises that would otherwise surface at claim time. This is the tick-box version – the background explanations are in the annual review article.
In brief:
- Timing: before the renewal date, factoring in the cancellation deadline too: schedule.
- Four rounds: sums → changes → cover → deductible + endorsements.
- If any point leaves a question open: the fifteen minutes can turn into a 20-minute joint review – free of charge.
The sums
- ☐ Building sum: does it reflect today's reinstatement cost? (method)
- ☐ Machinery and equipment: is the inventory up to date – new purchases in, scrapped items out? (inventory)
- ☐ Stock: are both the typical and peak levels correct? (fluctuation)
- ☐ Has the renewal-date indexation been accepted? (why it pays off)
Changes and cover
- ☐ Did any of this happen during the year: construction, expansion, a new site, a change of activity, a change in security – and has it been reported? (reporting)
- ☐ Has a new risk appeared (more off-premises equipment, more cash, new technology) – is a new element of cover needed?
- ☐ Has a risk disappeared – can anything be dropped? (against overinsurance)
- ☐ Are the financing endorsements up to date (new lease added, closed loan removed)? (endorsements)
The deductible and the annual market picture
- ☐ Does the deductible still suit the company's capacity? (deductible logic)
- ☐ Once a year: a content-based market comparison – a deliberate decision to stay, or a justified switch? (decision framework)
- ☐ Are the policy details (addresses, company data, contact person) accurate?
- ☐ Has next year's renewal reminder been added to the calendar?
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This article is for information purposes only and contains general information; it does not constitute an offer or insurance advice. The precise content of insurance contracts is determined by the insurers' policy terms in force at any given time.
