Energy Enterprise Sees Better Insurance Coverage—and Saves Over $62k
Situation: A large family-owned energy enterprise had been using a local insurance broker for over ten years. Increasingly, this client felt they were not receiving the level of service they expected. They also believed their current insurance program may not be adequately covering their assets and operations. After speaking with another energy client of The McGee Group’s, they gave us a call.
Analysis: The McGee Group conducted a full risk management analysis, including all contracts, leases, and other insurance related documents as well as auto vehicle lists, driver schedules, property and equipment schedules, and more. After the analysis, we sat down with senior management to discuss our findings. There was plenty to discuss, since despite having too many insurance policies, the client was missing several important coverages. After this meeting, The McGee Group was made the broker of record and we began implementing our risk management service plan that would fix the identified issues.
Risk Management Service Plan: Not only were our individual rates better, but we were also able to consolidate the program on many policies. Our changes included:
Combining the three current auto policies into one comprehensive and gap-free policy
Combining the separate breaker property policy into this program, eliminating the need for a separate policy
Properly listing all policies that were supposed to be scheduled on the umbrella excess policy; prior to this, several insurance policies had no excess coverage, although the client was paying for it
A total premium savings of $62,176
