3 Reasons why You Should Never Allow your Insurance Policy to Cancel!

Most insurance policyholders understand the importance of insurance protection at the time of a loss. Whether the loss is an auto accident, a structure fire, a theft, or even a lawsuit, people know that an in-force insurance policy will provide coverage if properly written and maintained.

But it's also essential to understand how an insurance cancellation can create negative consequences for yourself or your business. And we aren't referring to a loss while the policy lapsed.
POLICY EXCLUSIONS THAT CREATE GAPS IN COVERAGE

Policy rewrites contain prior work exclusions after a lapse in industries such as construction. A prior work exclusion will create a coverage gap and leave a business unprotected for work performed before the policy effective date.

THE LOSS OF YOUR RETROACTIVE DATE
If you have a claims-made policy, you may lose your retroactive date if your policy lapses. We explain retroactive dates in other videos on our YouTube channel. Consider claims-made retroactive dates if you hold a professional or management liability policy.

YOU MAY LOSE DISCOUNTS AND PAY HIGHER PREMIUMS
Insurance companies provide discounts to customers that remain consistent. It costs an insurance company lots of money to send customers cancelation notices, payment reminders, and policy termination endorsements. It's also costly to rewrite a policy. If you cancel, your discounts will erode.

BONUS REASON #4
Your policy may cancel, and you may not know it. We keep customers informed, but that doesn't always guarantee message delivery. We recommend automated payments to ensure continuous coverage and protection for accidents and catastrophes.

FUSCO ORSINI & ASSOCIATES KEEPS CLIENTS INFORMED
You came to the right place if you don't have an insurance representative that assists with policy cancellations.
At FOA, we built systems to help 93% of our policyholders maintain their coverage during the policy term.
Do not hesitate to contact our agency at 858-384-1506 if you require assistance with your insurance needs. You may also complete the form below.
We'll talk to you soon!
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