CASE STUDIES
We are experts in finding excess costs in insurance programs and will reduce your premiums through hard work and attention to detail. We never lose sight of the coverage terms and will negotiate and improve policy wording to avoid uninsured losses. Below is just a sampling of actual projects where we saved our clients substanial money and improved coverage.
Big Savings
A manufacturing client was insuring his property and inventory via a traditional property policy. When initially engaged as their Risk Manager, BMK reviewed the inventory and property values and suggested the inventory be insured elsewhere under a Marine Stock Through-put policy which could result in premium savings. Marine underwriters can frequently be more flexible and competitive when underwriting large inventory values. We held discussions with various Cargo brokers and chose one to go out to the Marine market. The result, premium savings of over $400,000 to the client!
Retro Adjustment Mistake
BMK as part of their comprehensive risk management services will review Retrospective Premium Adjustments that are calculated by insurers to adjust premium on loss senstitive programs. We reviewed a large Retro Adjustment for a Manufacturing client and discovered an error in a claim value being used in the adjustment. The claim was settled and the carrier loss run incorrectly had the claim open with a large reserve. We notified the insurer who promptly corrected the claim amount resulting in a return premium of over $100,000!
Over Insured
BMK Risk Management Consultants were engaged to perform a Risk Managament and Insurance Audit for a large Informational Technology Company. We performed an in depth review of their global property program and dfscovered they were reporting over $60 million in Business Interruption values. Most if not all Technology Companies can not afford any "down" time and have to be up and running within hours therefore have a limited Business Interruption exposure to cover continuing expenses. We were able to reduce the Business Interruption values to $10 million resulting in over $80,000 in premium savings!
Program Consolidation
We were retained on a large residential Real Estate account to reduce their premium. They had numerous property and casualty policies covering numerous properties. The broker was commission based therefore de-incentivizedto reduce premium. We recommended the various policies be consolidated with one Insurer in a Real Estate program. We found a large, very competitive real estate insurance program and were successful in reducing the premium by over $300,000!