Imagine working 300 feet in the air. High risk, but somebody's got to do it, right? Well this wind turbine component manufacturer does it all day long - and does it well. But they weren't positioned properly to the underwriter. They fell in the pool (pun intended) because no agent before me took the time to look hard into their business and find the gems. Their strengths just weren't sold. They are now classified as a Best-in-Class operation due to the safety protocols they had in place. Their workers compensation was scattered all over 6-9 state pools, now its with one national carrier. And icing on the cake - there are payment plans now for the company instead of having to make huge one-time payments for the pool policies. Here's the high-flying story of the wind turbine component manufacturer that got out of the pool with a little help from The Godfather:
The Challenges
- 6 work comp pool policies and at times 8 pool policies.
- Sell components to wind turbine mfg
- Install ladders, lift systems, safety harness systems into wind turbine towers
- Train workers how to safely exit a wind turbine an emergency situation
- Work done up to 300 ft in the air
- Severe height exposure
- Work throughout the US but primarily in Mid-West and South States
The Opportunity
- 6 work comp pool policies, sometimes 8-9 . Can we find one standard lines carrier to write the entire account?
- Go from 6 pool policies and 5 standard lines carriers down to one carrier
- Consolidation of premium into one carrier could make risk more attractive. More premium with one carrier, the ability to consider more risk.
The Benefits
- Eliminate the pool policies enables greater flexibility and eliminates the concern about forgetting to report the entering of a new state
- Ability to obtain premium discounts on the workers compensation policies.
The Results
- Researched then contacted all specialty carriers that write energy business
- Many conversations held to determine appetite, interest,
- Coached customer on insurance carrier risk control questions since they have never had a work comp inspection in 8 years.
- Inspections conducted, considered best in class
- Based on best in class consideration, carrier made exception to minimum premium rule of $150,000.
- One carrier all lines
- Pay plan ability versus all policies paid up front in the pool
- Eliminated concern of missing a state
What existing business wouldn't want to get out of the pool if they could? Lower premiums, better cash flow, better coverage. The next time an agent or carrier tells you to "get outta here", come right over to me. The Godfather of Risk Management can probably rethink the underwriting challenges to get you flying high also.
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.
