BUSINESS INSURANCE

Protecting the bottom line is every bit as important as growing the bottom line. Indaco approaches that philosophy from a top-down and a bottom-up approach. We create a custom coverage package for each client that protects the bottom line.

 

We discuss industry issues as well as special considerations and short- and long-term goals with our clients. Managing risk with proactive methods is crucial, not only in protecting your enterprise, but helping it grow.

Glass skyscrapers against blue sky

CLIENT STUDIES

SHORING UP A SEASIDE RESORT

A developer undertaking a complex, $50 million construction project for a luxury resort on the Atlantic coast required Indaco to fully understand their schedule, contracts, and general-contractor relationships to assist in moving the project forward in an efficient and timely manner.

 

The client required guidance related to contracts, insurance programs and all aspects of risk management. 

 

Solutions and results

  • Assisted developer’s counsel with insurance language in contracts with other parties, resulting in transfer of retentions to the general contractor and sub-trades rather than original language holding developer liable for all retention responsibilities. 
     

  • Negotiated with general contractor to save client more than 30 percent on builder’s risk insurance.
     

  • Worked with all participants to create an Owner Controlled Program, which covers virtually all liability and loss related to a construction project.
     

  • Guided client through all facets of risk management related to construction project.

Walkway to the beach and ocean
Backhoe digging in the dirt

CLEANING UP
A DIRT MOVER

One of the largest dirt movers in the mid-Atlantic faced various insurance-related financial challenges after experiencing several shock losses (claims so large that they cause financial distress to the insurer or underwriting company).

Because of its previous losses, the company had an unfavorable Experience Modification Rate (the Mod), which gauges the past cost of injuries and future chances of risk. Their Mod resulted in higher workers’ compensation premiums.

Additionally, the growth of the company’s large fleet of vehicles and heavy equipment resulted in significant coverage gaps.

Solutions and Results

  • Reworked Claims Management and Enterprise Risk Management programs and demonstrated how newly implemented safety guidelines would have a positive effect on the Mod, leading to reduced premiums.
     

  • Switched to carrier better suited to industry-specific risk, saving client more than 30 percent. Savings and returns from dividend program were strategically reinvested to bolster coverage and increase limits where needed. 
     

  • Updated coverage to include all insurable vehicles and equipment.
     

  • Helped build a win/win relationship between client and carrier by increasing risk management effectiveness and safety awareness, resulting in a more favorable rate structure.

STRENGTHENING THE BOARD

An affiliated foundation for a prestigious graduate business school had an insufficient directors and officers program that put too much control in the hands of the insurance company in the event of a claim. 

 

Additionally, the foundation faced supply and inventory challenges, and lacked an adequate disaster-recovery plan and sufficient liability coverage for its multiple events.

 

Solutions and results

  • Assisted developer’s counsel with insurance language in contracts with other parties, resulting in transfer of retentions to the general contractor and sub-trades rather than original language holding developer liable for all retention responsibilities. 
     

  • Indaco reconfigured the foundation’s insurance program to appropriately protect leadership by strengthening policy language, providing the most control for the board at time of possible claim, including choice of counsel (versus insurance company’s choice of representation), and more latitude for board in determining how and when a claim is settled.
     

  • Assisted in moving hospitality services to a third party vendor. Actively reconfigured risk management with contract reviews, participation on safety committees, and brought stakeholders together to create unified understanding of policy.

Large business meeting at table
Happy children

KEEPING KIDS HAPPY AND SAFE

A high-profile regional provider of multiple youth services required assistance with strategies for reputation management. The organization also faced increased risk exposure related to the growth of its outreach and expansion of activities and services. 

Solutions and Results

  • Indaco actively engaged in all facets of risk management for the client. We implemented areas of best practices for risk management in relation to staffing, participant/member safety and activity appropriateness. 
     

  • Support for client included training, contract review, program review, insurance program implementation and management. To help protect the well-being and safety of children participating in activities, Indaco helped institute staff background checks, training in safety procedures and conducted liability and sexual harassment presentation.