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Indian River County Board of County Commissioners • Gallagher ,•CORE 360" Maximizing renewal success We recommend the following actions and considerations in preparing for a successful renewal. These tips and best practices apply to all lines of coverage: • Start early; build in time for delays in the quoting process. We recommend four to six months ahead of your renewal date to begin gathering data. • Communicate early and often with your internal and external stakeholders. • Create a thorough underwriting submission that is accurate and up-to-date, including narrative regarding lessons learned from losses and steps you are taking to prevent future losses. Risk managers need to be willing to change and evolve with the times or will face an uphill battle with regard to renewal. • Take the opportunity to strengthen your risk readiness by identifying and remediating vulnerabilities. Showcase positive risk factors. • Be proactive with providing information such as third -party valuation reports, third -party engineering reports, information on assets, lists of tenants in a warehouse, outstanding recommendations from their incumbent carrier, operations, loss mitigation and loss prevention plans, etc. • Be ready for supplemental applications that may involve highly specific questions around specialized areas such as Cyber. For example, a Cyber renewal may have dozens of questions around controls specifically designed to prevent or mitigate the effects of ransomware attacks. • If a carrier offers free or discounted risk management services such as employee training; incident response planning; and technology scans to flag known vulnerabilities, identify intrusions and address security flaws, take advantage of the opportunity. Many Cyber insurance carriers offer these types of services. • Develop relationships with underwriters, including your incumbent and alternatives. • Align primary and excess marketing strategies to maximize options. If appropriate, consider leveraging ancillary lines or alternative structures, such as captives and other layered and shared solutions. While market conditions have begun to stabilize, make no mistake: this remains a challenging marketplace overall. We expect to see rate increases continue to moderate in many lines throughout 2022. Gallagher has expert leaders in all industries and coverage lines to provide solutions for our clients in this marketplace. About our data Gallagher Drive® is our premier data and analytics platform that combines market condition, claims history and industry benchmark information to give our clients and carriers the real-time data they need to optimize risk management programs. When used as part of CORE360®, our unique comprehensive approach to evaluating our client's risk management program, Gallagher Drive creates meaningful insights to help them make more informed risk management decisions, find efficient use of capital, and identify the top markets with the best solutions for their risks. Rate changes in this report were calculated by using the changes in premium and exposure of Gallagher clients renewing in Q4 2021.