Adverse Loss History
A specialty subcontractor with rigging, steel erection, electrical and commercial roofing business units experienced a $1.1 million loss over and above a large self-insurance program. We worked closely with the client and incumbent underwriters to identify root cause, opportunities to improve an already sophisticated safety program and renew all contracts at very favorable terms.
Asset & Income Stream Alignment
We mapped the assets, revenue streams and contracts for a global 3PL company with 400 employees, 600 independent contractors and over 70 global sites. Over 7,500 data points were cross referenced against 30 insurance contracts P&I Club memberships. A 45-page report identified potential risk management gaps and options for addressing same.
A syndicate of private equity firms purchased an environmental sciences firm with offices in Ohio, Tennessee and Virginia. Representative services include commercial diving, DOT-11X tank car derailment response, CWA permitting, pipeline installation and natural gas processing stations. We performed diligence of all assets, liabilities, and revenue, including, but not limited to, marine and non-marine, state and Federal workers compensation, business interruption, and management liabilities.
Affiliated registered investment advisors with over 30 discrete investment funds needed insurance for cyber, professional and management liabilities. We structured a cyber risk management program to respond to actual and potential losses caused by first and third-party breaches, including clients and service providers. The team included the former Deputy Director of Naval Intelligence. A separate management and professional liability insurance program was established.
A Tier 1 aerospace and defense contractor making critical and non-critical parts required split limits ranging from $10MM to $75MM for product liability and third party economic loss. Representative products include brakes, check valves, evacuation, shimmy dampers, steering systems and wheels for commercial and military platforms. We achieved a 25% cost reduction by carefully modeling the supply chain as well as revenue streams by product, platform and contract.
Vessel Sinking & Oil Spill
Heavy weather led to the largest privately-operated hydraulic dredge of its kind to sink under tow within one of the 14 NOAA marine sanctuaries. With a crew of 35, the 6,000HP and 1,200 T vessel was capable of pumping material up to 2 miles thru a 2-foot diameter pipe. We coordinated response under the Oil Protection Act of 1990 with the US Coast Guard and other parties, including abandonment in place and containment of a large oil slick. The slick was prevented from reaching the coast and the population of 34 species of marine mammals and 180 species of birds. No injuries or lost lives.