Last-minute budget woes: Almost everyonecan appreciate the importance of sticking to a budget. For businesses, it’s a key to reaching their bottom line in a competitive marketplace. So when a commercial environmental and industrial services company learned that its insurance provider decided not to honor a 2016 rate guarantee for 2017, it sent its Select Broker scrambling for a solution.
“The broker and customer came to Zurich to find flexible solutions to generate a flat rate for the account in 2017,” said Tucker McNulty, Assistant Vice President in Construction.
Building upon a relationship: Tucker was familiar with the company because Zurich hadprovided Pollution and Professional Liability coverage in previous years. Another plus was that the customer was doing business with Zurich as a ZEER (Zurich Environmental Emergency Response) contractor.
“The broker definitely spoke to other insurance providers, but they didn’t have the previous experience that we did with the insured, so they couldn’t get their arms around it quickly enough,” Tucker said. “That’s where we were able to save the day, basically.”
“Saving the day” was no small task. There was much to review, with the company and broker seeking a variety of lines at the same fee the company had initially budgeted. This meant adjusting deductibles and limits that would satisfy all parties and Tucker was able to benefit from the efforts of many Zurich colleagues.
Finding a solution for everyone: Zurichwon the workers’ compensation, auto, contractor’s pollution, general liability, professional liability and excess liability lines of business.
“Our solution allowed the insured to take on more risk, which they were willing to do, and fall within their internal budget for insurance premium,” Tucker said. “We got them where they needed to be. They were impressed by our ability to quickly turn around a proposal and solution in a short period of time.”
What made the win even sweeter was that Tucker and Zurich helped the broker demonstrate to their client that they could find effective, last-minute solutions.