Case Studies

Here are some of the projects we have worked on.

Case #1 - Manufacturing Firm
Case #2 - Bank
Case #3 - Non Profit Organization
Case #4 - Processor
Case #5 - Manufacturer
Case #6 - Municipality

Case #1 - Manufacturing Firm
Situation: A manufacturing firm received a renewal indication from their agent with a 70% increase in workers' compensation premium and a severe restriction in general liability coverage.

Action: Insurance Consultants of Maine met with the current agent and found what the exact situation was. We recommended that the agent review several alternative markets for both the workers' compensation and the liability coverage. Discussions were had regarding the structure of the coverage as well as the needs of the insured.

Results: The agent presented proposals from the recommended carriers that resulted in a 30% reduction in the previously quoted workers' compensation premium. Adequate general liability coverage was also obtained. The final property premiums were also lowered as a part of the quotations from the agent.

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Case #2 - Bank
Situation: The renewal of a bank's directors & officers insurance program was imminent. The organization decided to obtain alternative quotes, looking to expand the coverage provided.

Action: Insurance Consultants of Maine worked with the bank's agent and two others. Quotes were obtained from four insurers.

Results: The insurance program that resulted from the bidding process included coverages that the bank had never considered. Vast improvements in protection were realized while saving the bank significant premium dollars from the premium that would have been charged by the renewing carrier.

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Case #3 - Non Profit Organization
Situation: A social service organization was facing a dramatic increase in their workers' compensation insurance.

Action: Insurance Consultants of Maine reviewed the loss history of the organization. Three claims listed on the experience modification worksheet were actually the result of one incident and one employee. The insurance carrier incorrectly reported the claim as three events, increasing the experience modification substantially.

Results: The modification was corrected and the premium was reduced.

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Case #4 - Processor
Situation: A printing company asked that we review their workers' compensation policy for errors and/or ways to save money.

Action: A review was made of the policy, payroll, and related documents. Errors were found in the previous year's audit. Home workers were also found to be wrongly classified.

Results: Errors were corrected and premiums adjusted. Savings of over 30% were realized.

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Case #5 - Manufacturer
Situation: A small manufacturer felt that their premiums were too high. They liked their current agent but wanted a second opinion of the program.

Action: Policy forms for all lines of insurance were reviewed. A thorough analysis of the operation was made.

Results: Several coverage overlaps were identified and corrected. A different coverage form was recommended for the protection on the building and personal property. Savings of 35% in total premiums were realized.

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Case #6 - Municipality
Situation: A municipality had experienced dramatic increases in their insurance premiums at renewal. The own had used the same agent for over fifteen years and wanted a second opinion of the insurance coverage.

Action: Insurance Consultants of Maine reviewed the exposures and policies of the town. Several errors and coverage issues were brought to light.

Results: Gaps in coverage were eliminated. Several changes were made to the design of the insurance program, resulting in a streamlining of the coverage. Groundwork was laid for the bid process planned for renewal.

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