CASE STUDIES

In 1999, a Client brought in ICA on a temporary project basis to market its risk management insurance program because the risk manager was initially skeptical as to what ICA could accomplish. By tailoring Specifications to suit their needs, carefully selecting brokers and insurance companies specializing in this hard to place industry, ICA managed to trim the total risk management budget from $377,782 to $174, 643, nearly cutting the costs in half. The Company had for years relied on one broker to handle the entire program, assuming they were obtaining a fair deal and good coverage. Once ICA reviewed the programs, and pointed out numerous policy flaws, areas of improvement, what rates were being charged to competing companies, this Client realized it had been overpaying for years – for inferior coverage! As the Client pointed out to us after our success in cutting their costs, “you shop around for cars, for appliances, for everything else in life, we never realized we should be shopping around for our insurance coverage!”

A Multi-Million Dollar Property Owner faces cancellation and non-renewal by its property insurer.

A forty year Client of ICA was told by its property insurer that their coverage would not be renewed based on certain vaguely referenced “underwriting guidelines”. ICA stepped in, called an immediate meeting with this top-rated insurer, pointed out the decades long, loss-free history of this Client, noted engineering improvements done to existing insured buildings, and carefully reviewed the remaining loss prevention recommendations with both the Client and the insurer to come up with palatable, cost-effective solutions that would meet the needs of both sides. After working with ICA, the underwriter recognized the level of expertise and value of having an out-sourced risk management consultant on the side of the insured Client, and it didn’t hurt that ICA had numerous other Clients who were excellent risks insured by this same insurer. They reversed their original position of cancellation, referred the renewal submission to its top management, who took a closer look at the historical performance of this Client, and decided to renew with that Client - AT A DECREASE!

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