This is a great success story about a tough risk - that basically no carrier wanted to write. After contacting 50 carriers, reaching out to our global network of insurance agencies, I was able to find one in Texas that would write this risk. It's a story of persistence, tenacity and not excepting that there was a dead end. Here's the story of placing a Wisconsin crude oil hauler, how we got them a great carrier and unbelievable pricing:
The Challenges
- Crude oil hauler from wells to terminal
- Very few carriers interested in the account
- August 2012 start up. 1 tractor / trailer
- Non Renewed in January due to fast growth. They had 20 units.
- Fast growth in insurance is not considered good as underwriters feel fast growth leads to large losses. And they are a start up.
- At the time of the non-renewal, this segment was seeing fast growth, insurance carriers were seeing large losses, the ability to find an insurance carrier to write this account was quickly constricting.
The Opportunity
- Find a carrier that is willing to write the risk, in their wheel house and see if we can save money for the client.
The Benefits
- Goal was to create a long term, stable program that could grow with this company.
- Can we consolidate multiple carriers into one carrier that can write all the lines
The Results
- Reached out to over 50 carriers
- I utilized our Assurex Global partner network to discuss risk with a Texas agent that specializes in this segment.
- Found a carrier willing to write risk.
- Developed a program that was 50% lower than the going rate for a unit (tractor/trailer).
- Worked with the customer on the loss prevention questions that would come from an insurance carrier. Helped them implement a comprehensive DOT fleet safety program along with the proper controls.
- The going market rate for a unit is $8,000 to $10,000. We are at $4,000.
- The client is now at 40 units and going on the first renewal with this carrier.
- The carrier is pleased.
- There has been no losses.
The Godfather connection:
1) It's connections! It's not always what you know - it's who you know!
2) Going to the mattresses - I never stopped looking for the client. Finding the right carrier. I never gave up!
If you've got a tough to place risk, a business that no carrier seems to want, I'll handle it! I've got the knowledge with an engineering background, and the connections to find the right solution at competitive prices. "If there's a stone in your shoe...remove it!" Contact the Godfather of Risk Management - Scott Brookes.
