CASE STUDIES

Reduced the annual premium for a location under construction (Builder’s Risk policy) from $290,652 to $160,127 (45% reduction) and cut the deductible per occurrence in half from $1,000,000 to $500,000. Also raised the total insured limits from $131,622,688 to $146,720,000. This was performed by tapping into exclusive carrier capacity, amongst other strategic activities. Reduced their Equipment Floater premium from $57,143 to $49,495 (13.4%) and dramatically restructured the program to include a $10,000 deductible versus a $500,000 deductible. Reduced automobile policy from $47,625 to $27,139 (43% reduction). Reduced General Liability policy premium from $41,795 to $34,817 (17% reduction) while lowering the deductible from $50,000 to $5,000. Moved inventory program from a Property policy to a Stock Through Put policy which actually raised the premium from $48,055 to $56,682 (a 17.9% increase). However, the deductible was reduced from $5,493,672 for Named Storms and $500,000 for All Other Perils to just $10,000.

Obtained a 27% premium reduction for a $50,000,000 in revenue liquor store chain incorporating all P&C lines of coverage, plus dramatically improved coverage as there were extensive coverage limitations on the expiring liquor liability forms. Over program dropped from $139,860 to $102,116 ($37,774 in savings).

Reduced annual premium from $92,690 to $15,523 (83% reduction). This sounds too good to be true, but the insured’s gross annual sales rose from $5 Mil to $15.5 Mil and using the rate structure on the policy we replaced, their annual premium due at audit would have been $92,690. We moved the policy after being in force after 90 days.

Downtown Tampa less than 2 miles from the water with a total insured value of $4,000,000. Expiring program was $15,967.83. Our proposed program was $8,331.56 (a 48% savings) with improved coverage. The expiring program included no Loss of Rental Income coverage and we included it at $400,000 annually along with a host of other enhancements including Backup of Sewer & Drains and Building Ordinance coverage.

Expiring premium including taxes and fees was $45,284.72. Negotiated renewal terms at $29,307.14 including taxes and fees, a $15,977.58 savings / 35%. The incumbent agent in which we were competing specialized in law firms exclusively and maintained a favorable reputation and a large book of business.

After the incumbent broker (a 10+ year relationship with the insured) proposed their terms and insisted their program could not be beaten from a price or coverage perspective, we offered terms 24% less ($28,325.00 to $21,634.50) than their proposed program with comparable coverage.

Reduced annual premium from $33,664 to $17,306 (a 48.6% reduction). Also replaced their Workers’ Compensation program with an insurance carrier who pays a 20% flat dividend not tied to loss experience (unless the losses are in excess of 45% of the premium). The incumbent program offered no dividends. Based upon the annual premium size, the dividend payable is up to $5,664.