Cancellation Reason

What is this?

Agent/Company termination (non-ren)

Use this cancellation reason when you no longer represent the carrier insuring the policy. You need to cancel the policy and re-write with another carrier.

Broker of record change

Use this cancellation reason when you are no longer the "Broker of Record". You will cancel the policy and another agent will re-write.

In this case the insured signed an official "Broker of Record", changing the agency with which they do business.

Business Sold

Use this cancellation reason when the insured's business is sold and there is new ownership. The policy needs to be re-written for the new business, if applicable.

Insureds request

Use this cancellation reason when your insured has requested the policy cancellation.

Non-payment

Use this cancellation reason when the carrier has cancelled the policy for non-payment.

Not taken

Use this cancellation reason when the policy is presented to the insured and they opt not to purchase the coverage.

Other

Use this cancellation reason when none of the other listed cancellation reasons apply.

Out of business

Use this cancellation reason when the insured goes out of business. The policy is canceled because coverage is no longer needed.

Payment received

Use this cancellation reason when the insured's premium payment is too late for reinstatement.

Rewritten

Use this cancellation reason when the original policy has canceled and needs to be rewritten.

Underwriting reasons

Use this cancellation reason when the carrier's underwriter cancels the policy for underwriting reasons.

Work Completed

Use this cancellation reason when the work is completed on a project and the coverage is no longer needed.

For example, a contractor insures the construction of a home. When the home is built, the contractor's insurance is no longer needed.