JMBI is dedicated to our clients’ success. Our expertise, insights and focused action are fundamental to delivering real results for your business.
Read our client success stories to see how we help clients reach their goals and maximize financial and operational performance.
Company Faces High Environmental Pollution Exposure
The prospect is a heavy industrial operation. Their facilities have exposure with multiple above ground and underground storage tanks containing a variety of liquids. With this, the company faces a very high environmental pollution exposure. Only a select number of insurance partners are capable of handling this exposure effectively and cost efficiently. While the company’s exposures are high risk on all lines (Property, General Liability, Pollution, Workers Compensation, etc.), effective management has kept their loss experience very low. Creating value required innovative thinking, providing alternative carriers, leverage and pricing in a tough (high-risk) insurance environment.
We spent a great deal of time studying the company’s exposures and reviewed their existing policy. Their general liability policy is a unique blend of general liability combined with a pollution component. We were very familiar with the policy type and the incumbent carrier. Through our review, we uncovered a couple of short comings that put them at risk and started strategizing with our carrier partners on how best to approach a more complete risk management approach.
We decided early on to partner with two very unique niche carriers who specialize in high-risk placements with a combined general liability/pollution policy. We conducted a comprehensive on-site review of the company’s operations to fully understand their business, the exposures, and the appropriate risk management approach. We addressed our concerns regarding uncovered or poorly covered exposures with the carriers. We had transparent and open conversations with the carriers and the company to ensure that everyone had a comprehensive view of the strategy, the exposures, and risk mitigation.
We were able to positively address the coverage shortcomings we uncovered. Our carrier partners assisted us in the creation of a unique and highly specialized policy addressing the core concerns. We implemented a combined policy that included significantly enhanced coverage, at solid savings over the prior year’s premium. We also proposed additional coverage for an exposure that currently was uninsured. The client was very pleased with our thorough approach, concern for their operations, and our creative result. Additionally, we recommended a number of safety and pre-loss protocols for their operations and established a post-loss claims protocols to be used to control claims development after a loss.