Case Study – Manufacturer 1
This large manufacturing operation reached out to our professionals after they acquired one of our long-term clients. The acquiring company had traditionally viewed insurance as a commodity.
Our team began the process with Exposure Identification which uncovered both uninsured and underinsured exposures. There was concern that the cost of the fixes would nullify any premium savings. The Risk Strategies step outlined solutions to not only properly protect their assets but reduce their rate structure by over 50%.
- Property Valuation: Our loss control inspection of the property identified a significant valuation issue.
- Coinsurance Penalty: Due to the low valuation, the prior carrier would charge a significant penalty in the event of a property claim
- Rolling Equipment: Many pieces of rolling equipment and rental equipment were not covered in the program.
- Business Interruption: Limits were below benchmarked standards for the industry.
- Increased Property Valuation: Increased by 340%.
- Agreed Value Endorsement: Due to property valuation increase, carrier was willing to include coverage endorsement.
- Business Interruption: Added additional $1,000,000 of protection.
- Named Insureds: Worked with company through surveys to identify all correct names
- Cost Savings: Negotiated rate relief of over 50% based on benchmarked industry standards and clarified risks to underwriter.