Success Story #1
Electronics Manufacturer with revenue over $400,000,000 providing solutions for Defense & Aerospace, Medical and Communications & Computing.
- Year one savings $1.1mm/ Year two savings $500,000 / Year three savings $350,000 / Year four savings $600,000.
- Able to secure 3rd party product recall, intellectual property and trade secret coverage as required in CLIENT contracts to ensure compliance.
- Able to obtain Batch clause wording for Medical Products Liability and amend the Extended Reporting Period to a Bilateral meaning Insured has the option to cancel and still elect extended reporting coverage.
Success Story #2
Manufacturer of stainless steel tables, stools, cabinets, I.V. poles, mayo stands and other related equipment. The end users are mainly healthcare organizations. The products are distributed primarily by manufacturer’s representatives that are located throughout the U.S. and a small percentage of sales are distributed overseas.
Manufacturing facilities in New Jersey, Texas and Mexico.
- Products Liability renewal savings of $150,000.
- Received various coverage enhancements to the product liability policy.
- Conducted a WC Experience Mod audit with resulting savings of $25,000.
- Program Savings $175,000 with ongoing risk management services
Success Story #3
Manufacturer, Marketer, and distributor of pharmaceuticals, nutraceuticals and specialty chemical ingredients. Global operation with revenues in excess of $400,000,000.
- Savings on D&O renewal in excess of 38% along with major coverage enhancements needed for a public company.
- Able to get excess carries to agree to batch clause language on primary policy. Client advised he tried to
accomplish same for over 4 years.
- Savings on general liability and excess liability $250,000.
- Secured enhance coverages for a finished product liability policy.
Success Story #4
Furniture manufacturer and home accessories importer with 20 retail locations nationally in major markets.
Benefits plan costs were increasing at 20% a year due to plan design, contribution schedule and aging population.
- 1st year moved contract to national carrier reducing claims costs by 15% due to better discounts modified contribution schedule and plan design to coincide with market levels increase reduced to 5%.
- 2nd year developed and implemented a wellness strategy incorporating health risk assessments and compliance program for participation requirements.
delivered 6% increase; 50% less than original renewal pricing.
- 3rd year developed specifications for an on-site clinic and vetted vendors resulting in a financial guarantee of no more than a 3% increase in claims year over year.
1. Attained 90% participation from employees and spouses in wellness/clinic program
2. 3 year average increase was 50% of national trend of 12%+
3. Projected increases going forward will be 3% or less year over year
Success Story #5
Manufacturer of sewing machines and accessories with annual sales of $500 million+ Benefits plan design and contribution schedule did not drive desired employee elections and created a financial burden.
- 1st year modified the employer HSA contribution to more closely mirror market levels $250,000 of savings on $3.5 million expense. Carrier competition for business resulted in 6% renewal increase down from 10% plus.
- 2nd year modified plan design to meet market conditions resulting in a 2% decrease to rates.
1. Client’s HSA expense was reduced and will remain flat going forward
2. 24 month aggregate increase is less that 4% compared to national average of 12%+.