A midwest bank came to me with concerns about their upcoming renewal. Their insurer was not enthusiastic, and their agent seemed resigned.
The bank's current insurance premiums were $88,000 for the bond, directors' and officers,' and cyber liability.
I poked and prodded the agent, who agreed to alternative quotes from another insurer. The initial renewal quote was $97,000 from the current insurer. I knew we could do better.
After negotiations, combined with gnashing of teeth and stomping about, the final quote was $65,900 with coverage far in excess of what the bank had before. The bond was increased from $2.5 million to $4 million. The D&O was increased from $2 million to $4 million. Coverage was streamlined, and the insurer was pushed to provide a three year policy. Many policy conditions were moved from benefiting the insurer to benefiting the bank.
A lackluster renewal with a higher premium was turned into a $23,000 premium reduction with exceptional insurance enhancements.
This is the work I do. I promise valuable results for all my clients.
The bank's current insurance premiums were $88,000 for the bond, directors' and officers,' and cyber liability.
I poked and prodded the agent, who agreed to alternative quotes from another insurer. The initial renewal quote was $97,000 from the current insurer. I knew we could do better.
After negotiations, combined with gnashing of teeth and stomping about, the final quote was $65,900 with coverage far in excess of what the bank had before. The bond was increased from $2.5 million to $4 million. The D&O was increased from $2 million to $4 million. Coverage was streamlined, and the insurer was pushed to provide a three year policy. Many policy conditions were moved from benefiting the insurer to benefiting the bank.
A lackluster renewal with a higher premium was turned into a $23,000 premium reduction with exceptional insurance enhancements.
This is the work I do. I promise valuable results for all my clients.
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