Members Mike M Posted May 28, 2016 Members Share Posted May 28, 2016 My small sound co.'s liability insurance policy is up for renewal June 1st. I received notice of the renewal in the mail two weeks ago. Upon receiving the notice I called my local agent requesting clarification of line item three on the policy. She was on vacation that week. This past week, (when she returned) I contacted her and requested the clarification. The hard copy that was sent to me had "DJ and ________________________________. (The line represents a blank...)My agent told me that the blank part read: sound system. I asked my agent to get me a copy with all of the text and she told me that she would need to call the insurance carrier (Travelers) and will get it to me. I did not receive it... Yesterday (Friday) I called the office again and the gal had left for the weekend.... I was then transferred to someone that would take care of it. I once again asked for clarification and as told that it needed to come from Travelers (what a surprise). I was told that my agent would be back in the office on Tuesday and she will call me to take care of it. I told the gal that I would be out all day (leaving at 7:00am) and would be back in my office at 6:00pm...could we take care of it at 6? "The office closes at 5:00pm was the answer.... I told the gal that the policy was to start on June 1st....how would I get payment to them...? She told me: "no problem, all of our policies are automatic renewal". Me: Even if I do not send payment? Gal: "Yes" I believe her answer is total hogwash....Does she really believe that if I had a gig on June 1st and a speaker fell on an attendee the insurance carrier would cover me even though I did not pay the premium....? My rationale: no way in he _ _! My next event is June 24th. I think that I'll start the policy on that date..... For you in the business: Are insurance policies actually automatic renew even though you hadn't paid the premium??? I think that I already know the answer... Link to comment Share on other sites More sharing options...
Members wesg Posted May 29, 2016 Members Share Posted May 29, 2016 FWIW ...... my Canadian automobile insurance would auto-renew as she described. They have to formally notify you if they are terminating your policy. Link to comment Share on other sites More sharing options...
Members agedhorse Posted May 29, 2016 Members Share Posted May 29, 2016 Correct, my policies are auto-renewal unless they send a notice of intent to terminate. They also have to send you revised policy paperwork with the new premium at least 30 days prior to termination or renewal (I think it's 30 days but this may vary from state to state in the US) You reminded me that I have to have new certificates of "additionally insureds" generated for my new policy - thanks! Link to comment Share on other sites More sharing options...
CMS Author Craig Vecchione Posted June 9, 2016 CMS Author Share Posted June 9, 2016 Not only will the policy renew automatically, if you cancel it, they can backdate the cancellation to June 1 as long as you haven't submitted any claims against it. I just had that happen when I added my work van to my commercial policy. Link to comment Share on other sites More sharing options...
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