Summit is a Canadian commercial brokerage and risk management firm. This page explains, in plain English, how a commercial insurance renewal typically works, why renewal premiums move, what buyers should ask at renewal, and when an opaque renewal points to a broker-fit issue rather than a paperwork issue. It is buyer guidance, not legal advice.

Why renewal premiums go up

Common drivers include:

Exposure growth during the term: revenue, payroll, property values, vehicles, headcount, new locations, or new activities.
Loss experience: claims paid, reserves on open claims, and frequency trends.
Insurer rate action and reinsurance costs feeding into base rates.
Coverage changes at renewal: new exclusions, reduced sub-limits, or higher deductibles that shift where risk sits.
Market appetite shifts for the class of business: some sectors harden or soften independent of the client.
Property valuation updates, including replacement cost and inflation guard, that increase insured values.
Contractual changes signed during the term that added required limits or endorsements.

Expiring vs renewing premium

Expiring premium: what you paid for the policy term now ending.
Renewing premium: the insurer's offer for the next term, based on updated exposures, loss experience, insurer rate changes, and market conditions.
A change in renewing premium is not automatically a coverage change. Ask for a side-by-side: limits, deductibles, endorsements, and any new exclusions — not just price.

What gets reviewed before renewal

Common items Summit reviews with clients ahead of expiry:

Updated exposures: revenue, payroll, property values, vehicle schedules, headcount, new locations, and new activities.
Loss history and any open claims.
Contracts signed during the term that impose new insurance requirements such as limits, additional insureds, or waivers of subrogation.
Policy wording changes the insurer has issued, including endorsements, exclusions, and sub-limits.
Whether current limits still match contractual and operational reality.

When re-marketing may happen

Re-marketing means approaching other insurers for competing quotes rather than simply accepting the incumbent's renewal. It is common market practice, not a legal requirement, and is typically considered when:

The renewing premium moves materially without a matching change in exposure or losses.
Coverage is narrowing through new exclusions, reduced limits, or higher deductibles.
The business has changed enough that the incumbent may no longer be the best-fit market.
The client wants a market check.

Re-marketing takes time. Insurers need complete underwriting information, and timelines vary by class and complexity.

Renewal timing (common practice, not a Canada-wide statute)

There is no single Canada-wide statutory renewal-notice window that applies to all commercial policies. Renewal timing is usually driven by policy wording, insurer process, the complexity of the risk, and any applicable provincial rules. Treat any specific number as process guidance, not universal law.

What information the client should expect

Ahead of renewal, expect your broker to:

Ask for updated exposure information in writing.
Confirm any contract-driven coverage requirements added during the term.
Explain the insurer's renewal position: rate, coverage, and subjectivities.
Present options, including re-marketing where warranted, with a clear comparison.
Deliver renewal documents such as the policy, invoice, and certificates with enough time to review before expiry.

What to ask your broker at renewal

Buyers can copy and paste these questions:

"What changed in our exposures vs last term, in writing?"
"What changed in the policy wording — new exclusions, sub-limits, deductibles?"
"Is the rate change insurer-driven, exposure-driven, or loss-driven — and how much of each?"
"Which markets did you approach, and which declined or non-quoted?"
"How are you compensated on this renewal (commission %, contingents, fees)?"
"If we don't re-market this year, what's your rationale?"

Opaque renewals are usually a broker-selection issue

If a client cannot get clear written answers to the questions above, the underlying issue is usually the broker's disclosure practice and service model, not just missing paperwork. CISRO's Principles of Conduct for Insurance Intermediaries set the expectation that intermediaries provide customers with clear, adequate information so they can make informed decisions, and that they treat customers fairly. In practice, that makes an opaque renewal a reason to evaluate broker fit and disclosure discipline, not just to argue about the current invoice.

How Summit approaches the renewal conversation

Tech-enabled: exposure updates, document collection, and market-fit checks are handled through Summit's systems so the review is structured and repeatable.
Human-led: a licensed broker walks the client through the renewal, the options, and any coverage trade-offs.
Transparent compensation: how Summit is paid on renewals is described on the public commission disclosure page.
Claims continuity: if a claim is open at renewal, Summit's claims advocate continues to communicate with the carrier, gather documentation, and push for fair resolution regardless of renewal outcome.
Broker-switch guidance: if the renewal review surfaces a broker-fit issue rather than an insurer-fit issue, Summit can also outline how a mid-term or renewal-timed broker switch works.

Service area: Canada (subject to licensing and market availability).

Commercial insurance renewal in Canada