Policy Structure
Renewal Terms
The conditions under which an insurance policy may be continued for a subsequent policy period. Renewal terms typically address changes to premiums, deductibles, limits, retroactive dates, and coverage conditions. Carriers may offer renewal with modified terms based on claims experience, changes in firm size, or shifts in practice area mix. Attorneys should carefully review renewal terms to ensure continuity of prior acts coverage and to identify any newly added exclusions or endorsements.
Related terms
Policy PeriodThe span of time during which an insurance policy provides coverage, defined by a specific inception...Cancellation ProvisionsThe policy terms that specify the conditions under which either the insurer or the insured may termi...Non-RenewalThe insurer's decision not to offer a new policy term when the current policy period expires. Unlike...