Case Study :: Competitive Insurance Program for a High-Risk Company

Challenge:

To develop a competitive insurance program for an "ordinance detection and removal" company as they grew from a small, regional company to an international firm acquiring/winning large government contracts. Landmine removal would seem to be a highly dangerous business, and insurance companies were offering our client exorbitant rates to cover their expansion.

What We Did:

• Researched the ordinance detection industry for safety results and found it was extremely safe and well-controlled. We summarized and shared this industry's safety/loss information with insurance companies so they could better assess the risk associated with this client.
• We developed a program that was based on a payroll rate, where the insured could propose new contracts quickly and accurately.
• Put together a hold harmless agreement/provision to limit exposure from subcontractors.
• Attended national conferences to gain more knowledge and expertise in the industry.
• Arranged for underwriters to meet our client to find out more about their company.

Results:

• Our client became one of the top four companies in the country in this industry, in part because our insurance program stabilized their costs, allowing them to bid on new jobs quickly.
• Our client was voted one of the best small businesses by the Bucks County Business Council.