A Vancouver Island pub increased insured value 40% and still saved $5,000

The challenge

A Vancouver Island pub insured under a hospitality program faced automatic renewals with consistent year-over-year rate increases, with coverage renewed "as is." Months later, the broker would request renewal updates and charge additional premium mid-term instead of addressing it at renewal.

The pub had previously sought help from another broker but failed to find competitive pricing, leaving them believing the program was their only viable option. In conversations with ownership it became clear they were significantly underinsured on the property side — making it a priority for Summit to address at renewal.

What Summit did

Summit ran a full policy audit 60 days before renewal to make sure existing coverage was appropriate for the size and scope of the pub's operations:

• Detailed building evaluations and a business property audit, resulting in a 40% increase in Total Insured Value (TIV).

• A complete underwriting review to assess eligibility for premium credits based on loss history, risk management programs, wrap-up liability revenue, and subcontracted revenue.

• A marketing strategy that generated interest from the top hospitality insurers in the Canadian market, creating competition between them.

• Multiple insurance options presented to the client, each with proper valuation and coverage.

The results

• Secured a significant premium reduction from renewal with both options presented.

• Repositioned the submission to accurately reflect the risk management procedures already in place.

• Increased building and contents coverage while obtaining a lower rate.

• Reduced premium by $5,000 while increasing Total Insured Value by 40%.

With underinsurance fixed and the right markets engaged, the pub now has coverage that accurately reflects its needs and operations — proof that thorough market research and a clear understanding of the client lead to better outcomes.