CLASSIFICATION SOLUTIONS

A Picture is Worth 1,000 Words

Our client received notice that their old rating classification was being eliminated and that the rating bureau had assigned a new workers' compensation governing class that increased their annual premium by 50%.  We reviewed the situation and arrived at a new classification that if approved, would have reduced their old cost 25%.  We then mapped out a strategy to present our findings to the bureau that included our team producing a 20 minute video of our client's operations which highlighted the key points of our appeal.

Following our successful presentation, our recommended classification was assigned, and the client saved in excess of $400,000 per year.

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Finding the Right Rating Basis 

A client with a unique retail general liability exposure asked us to obtain coverage for a risk exposure which had a high degree of severity.  We obtained and placed the appropriate coverage.  The policy was rated on revenue projections that were provided by the client.  The client's business model changed such that the revenue projections increased dramatically.  There was not a corresponding increase in general liability risk.

We convinced the insurance company to change the rating from revenue to units.  The carrier agreed to make the change retroactively to the policy inception date with no additional premium.  This enabled the client to avoid more than $300,000 of additional premium annually.