REnewal: REvive, REcur, REplace


3 R’s of Renewal

Revive: We make your "risk management" healthy at each renewal.

Recur: We believe in long term relationships that will benefit you with an uninterrupted and invariable service.

Replace: We believe in betterment and modernization and we ensure to keep your insurance policy updated to the best practices in the market at each renewal and striking off redundancies, if any.

We at Gargash believe in high quality service which helps us in achieving our Vision.



The anniversary or expiry of your insurance policy is a good time to review the insurance policy, to ensure your risks are adequately protected, make amendments to the values/details, and make changes to the coverage or even improving the coverage. Renewal time is the best time to review the interests and values covered under your insurance policies to ensure that your risk exposures are declared correctly.

Though your insurance policy might permit for certain changes during the policy period the renewal intimation sent by us is a good time to take another look at your insurance policy and decide if you want to make any changes.

Most general insurance policies run for 12 months, though some policies such as travel insurance run for a shorter period of time. Just as you take care to renew your vehicle license or your National ID at the time of renewal, it is equally important to renew your insurance policy on time to ensure that it protects your interests/assets should there be an unforeseen incident depriving you of the aforementioned.

A risk management strategy is effective only if it is in line with the rapidly changing market trends. Insurance being a service based industry is bound to implement changes and bring in better products to meet the requirements of its consumers. The best way to know about these changes is at the time of your renewal. An insurance advisor is the ideal touch point for discovering these aspects. They will enable you to have an optimum cover and also help you identify any loopholes in your insurance policy.

Before you renew your policy, it needs to be established if there are any hitherto unprotected risks under your insurance policy. There are chances of misunderstanding an insurance policy and what exactly it covers. For example, you might feel that a theft of your laptop is covered under your home insurance policy, but the cover could be possibly otherwise in the event of a claim. An experienced insurance broker is aware of the coverage’s offered by the insurer in the market and will try to arrange the best cover for you.

Taking out time to work out the current replacement values of your assets at the renewal is important. If you have made any significant purchases during the year, such as jewellery or a pricey camera, make sure you include them under your insurance immediately after the purchase or at least on the date of renewal, whichever is earlier. Ensure to declare the values of your fixed assets at New Reinstatement or New Replacement value and not depreciated values so as to avoid being underinsured.

When you are renewing your policy, it is imperative to check that all facts that you had disclosed to your insurer or an insurance advisor is correct. You must let your insurer or your insurance advisor know if there are any material changes. For example, if you have made significant modifications to your car that improves the power of the engine or increases the value of your car, you must disclose it to your insurer or an insurance advisor as soon as possible.

Now, being equipped with the knowledge of how an insurance renewal is facilitated, you should advise your insurance advisor to renew the policy much ahead of the renewal date. It is for this reason, a renewal notice is usually provided 45 days prior to the expiry date.

One more important thing you need to ensure is to meet the insurance premium payment deadline. Premium payment is considered as the final phase of the renewal process or an insurance contract. The insurer sells their product against a contribution that is received from the client. Non-payment can result in voidance of claims.

Make sure you read the insurance policy documents post renewal to ensure that you know what is covered and verify if the changes are noted correctly. Asking questions is the best way of understanding and it is good to question your insurer or your insurance advisor on any aspect that is not clear.

Tips for managing your insurance:

1) Understand your risk exposure

2) Explain your requirements to your insurance advisor

3) Ask questions to your advisor

4) Understand what the insurance market provides

5) Understand the insurance exclusions and create a back-up plan to address such risks

6) Follow the Risk Improvement measures advised to you by the insurers/advisors

7) Do not default your premium payments

8) Keeps all the records and documents safe and have a secondary back up

9) Furnish all the necessary documents as requested by the insurer

10) Devise a Risk Management plan of your own. Get expert advice if necessary

11) Inform your advisor/insurer of any claims immediately after the incident

Author: Sachin Suryanarayanan, CSO

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