It is necessary to distinguish between cover with tacit renewal and cover without tacit renewal.
For cover with tacit renewal, MEDIORISCHI will provide the Correspondent with the payment required for renewal. The Correspondent will have the client make the payment and provide confirmation to MEDIORISCHI of receipt of payment in order to proceed with covering the risk.
For cover without tacit renewal, proceed as follows:
expiry notice
MEDIORISCHI will send to the Correspondent notification of policies that are due to expire together with the necessary documents for renewal (Questionnaire – NCD/NMC – No Claims Declaration/No Material Changes – CIS – Claims Information Sheet);
renewal request
the Correspondent will sent the renewal request together with the supporting documentation to the MEDIORISCHI contact;
renewal offer
the MEDIORISCHI contact will present the terms of renewal obtained together with the validity period of the offer;
renewal hold order
the Correspondent, if the proposal and options presented are accepted by the client, will formalise a renewal hold order, or alternatively a renegotiation with the Underwriters may be requested;
confirmation of renewal
if the coverage hold order is received from the Correspondent, the MEDIORISCHI contact will confirm the renewal according to the terms and conditions accepted by the client, specifying the terms of payment of the premium warranty.