The process
How a premium review works
A premium review isn’t a claim and it isn’t a lawsuit. It’s a document-level audit of what your carrier is charging you for, filed as ordinary correction endorsements, and most of it happens without your policy changing hands at all. This page walks through each stage, who does the work, and what it costs you if nothing comes back: nothing.
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01
We screen the policy
You hand over two documents: the declarations page and the statement of values. We test them against public records, modeled replacement costs, and the policy itself: overstated insured values ratcheted up by automatic indexation, misclassified construction, missing sprinkler, alarm, and protection-class credits, occupancy coded wrong, liability exposures estimated high. If the numbers say your policy is priced right, we tell you that too, and nothing gets filed.
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02
Mid-term corrections
Real errors get fixed by endorsement on the policy you already have. The carrier corrects the values or classifications and returns the overcharge pro-rata for the months remaining on the term, usually within 30–60 days. There’s no penalty, no cancellation, no new policy, and no change of carrier: the same coverage, billed on the right numbers.
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03
The renewal
Corrections fix this year’s bill; the renewal is where the market gets to compete for you. We rebuild your submission to carrier-grade: verified construction, occupancy, and protection, defended replacement costs, complete secondary detail. Underwriters price clean files better than guesswork, and we take the file to market well before your renewal date. If we place the renewal, the review fee is waived entirely.
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04
Staying corrected
Values drift back if nobody watches them: indexation resumes, credits fall off, occupancy changes go unreported. For clients who keep us on as their broker, the file stays verified year-round, certificates and endorsements get handled same-day instead of same-week, and every renewal goes to market on defended numbers, at a flat disclosed fee instead of an undisclosed commission.
The hard market manufactured the errors.
From 2019 to 2024, commercial property premiums roughly doubled and carriers ran automatic inflation-guard indexation of 8–12% a year across entire books. Values ratcheted whether or not your building changed, classifications carried forward unexamined, and credits quietly lapsed. That five-year compounding is exactly what a review tests.
The soft market is when they get fixed.
Rates have flattened, and carriers hungry to keep premium are granting corrections and quoting aggressively. But the window isn’t permanent: carriers true up their own books over time, and every renewal that passes locks last year’s numbers in for another term. The sooner the review, the more there is to recover.
Two things to know while it runs
You keep every decision.
Our role is advisory: we screen, document, file, and negotiate. Whether to accept a correction, remarket the renewal, or change nothing stays with you, always.
Your coverage stays in force.
A review never cuts an accurate value. Underinsuring a building costs far more at claim time than it saves in premium, so when your values are right, the finding is “change nothing”, and we put that in writing.
What it costs
One fee, once, and only if money comes back.
The fee is 25% of the realized recovery: the return premium the carrier actually credits mid-term, plus the first-renewal savings the corrections produce, computed from the carrier’s endorsements and your actual bills, never from an estimate. If the screen finds nothing, or the carrier returns nothing, the fee is zero. And if Redress places your renewal, the review fee is waived entirely.
In the fee schedule’s illustration, a $400K-premium account corrected by 8% returns about $32,000 in its first year; the one-time fee works out to $8,000, and to nothing at all if we become your broker at renewal.
Every policy is mid-term today.
There’s no filing season and no deadline to miss: corrections can be filed any day of the policy year. But each renewal that passes re-bases your premium on last year’s errors, so the review is worth the most right now.
Get my free policy review