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Middle Market Commercial Case Study

This family run commercial manufacturing operation reached out to our professionals due to a last minute notice of substantial increase.  Despite the time constraint of being only 10 days prior to their renewal our team began our process to pursue yielding positive outcomes.

Our team began the process with the Coverage & Needs Analysis Phase which uncovered both uninsured and underinsured exposures.  There was concern that the cost of the fixes would nullify any premium savings.  The Program Design built fixed the exposures identified and we sought a carrier partner who could quote quickly while providing favorable terms.

The final result not only fixed the identified exposures but also saved the business 17% off their costs. 

254%

Increase in Values

$2M

Increase in Business Interruption Protection

17%

Decrease in Cost

Problems Identified
  • 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
  • Automobile Liability: the large fleet of vehicles were not covered in the program's Excess/Umbrella liability
  • Business Interruption: limits were below benchmarked standards for the industry
  • Named Insureds: due to the company's long history and ownership, the appropriate named insureds were not correct on all the policies
Solutions Provided
  • Increased Property Valuation: increased by 254%
  • Agreed Value Endorsement: due to property valuation increase, carrier was willing to include coverage endorsement
  • Automobile Liability: fixed coverage to be included within full excess limits
  • Business Interruption: added additional $2M of protection
  • Named Insureds: worked with company through surveys to identify all correct names
  • Cost Savings: negotiated rate relief in ancillary coverages in order to increase protection yet still save the manufacturer 17%