Expirations (definition)
The renewal dates and client data behind a book of business; ownership of expirations is ownership of the agency's core asset.
Expirations are the records of policies in force and their renewal dates, with the client information needed to remarket or renew them. Whoever owns the expirations holds the practical right to the renewal revenue, which makes expirations ownership the central property question in agency agreements.
Independent agencies own their expirations; that ownership is what distinguishes the independent channel from captive distribution and is the foundation of agency value.
Producer agreements, carrier contracts, and sale documents all allocate expirations rights. Ambiguity here surfaces at the worst possible times: producer departures and closings.