Did you ever receive a certified letter advising you that your malpractice insurance has just been non renewed?  I know that it is not a pleasant feeling, but what should you do?

First thing is don’t panic.  You’re not alone.  It happens probably more than you realize.  Especially in today’s market.

Second, Call your broker if he or she has not already called you.  Find out the specific reason why you received the non renewal.  Confirm the non renewal is valid.  There are many situations where the non renewal occurs: Sometimes it is simply that the current carrier is no longer writing business in this state, sometimes it has to do with your claims history, sometimes it has to do with a certain area of practice you perform or some other type of valid reason.  

Third, work with your broker.  Create a plan to approach the marketplace, select carriers with your broker to approach that will offer the best options at obtaining renewal terms, order loss runs and update the firm information to provide a clear and updated picture of your firm.

Lastly, do not “shotgun” your application to all carriers that you hear of or know.  This could result in confusion in the marketplace, resulting in several declinations from carriers and creating unnecessary delays in securing terms.  If you’re with the right broker, he/she should know what carriers to approach that provides you the best opportunity to secure renewal terms.  

Navigating through a non renewal can be confusing but following the steps I outlined will make it a little easier.