An international logistics company ran into difficulty securing adequate limits to win bids on shipments in excess of $2,000,000 USD. Their primary commodity was IT goods including supercomputers and components. We secured a per conveyance limit of $80,000,000 while keeping their budget at a manageable level. They are now able to bid on increasingly profitable jobs. $1,500,000 premium.
Insured’s operations focus on movement of large and awkward items along the coast and throughout the Caribbean. As the market hardened, their insurer scaled back on capacity and reduced the primary layer of coverage from 100% to a 60% lead position. We reviewed the risk and ultimately changed carriers. As a result, the coverage was improved and we saved the insured 35%. $800,000 premium.
Incumbent market was seeking to non-renew the wind coverage due to the coastal location. Leveraging a long-term relationship and years of trust building, we were able to secure agreement to stay on the risk. Rather than see the carrier drop the wind, we worked with the agent to develop a workable hurricane plan and combine the liabilities (which were previously part of another package) with the inventory and end up with a far better outcome than was developing before we engaged. $150,000 Premium.
Prior coverage was placed through a carrier with recent claims handling concerns and an increasingly difficult pricing structure. We re-marketed the risk for the agent and reduced the cost while providing peace of mind that claims would be managed more effectively moving forward. $120,000 premium.
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