Significant savings on property/business interruption coverage Last Updated: July 10, 2014
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Challenge

Every prudent hospital today has adequate property/business interruption coverage. Such insurance is not inexpensive so it pays to make sure an organization has just the right amount of coverage. About four months from when its current coverage was about to expire, Carteret General Hospital in Morehead City, NC, began to consider its options.

Division Director of Risk Management & Safety John Lee said, “Our organization, like any other, must focus on obtaining the best value. We look for multiple ways to maintain our financial success, including ongoing evaluation of our insurance program.” That includes going out for bid every two or three years. “It’s just good business practice,” he said

Solution

Working through McNeary Inc., and an incumbent broker, Carteret sought property bids. After consultation with the CEO and director of materials management, Lee requested that McNeary obtain bids through Premier Insurance Management Services Inc.’s (PIMS) endorsed program with Zurich. A Premier owner, Carteret already had its cyber liability coverage through McNeary/PIMS. PIMS worked with McNeary to provide the necessary premium quotes from Zurich.

Result

“We received premium quotes at renewal that helped us realize substantial savings while increasing limits on our property liability for debris removal, cost of construction, and off premises overhead transmission lines for loss of power,” Lee said. “AmWINS Group Inc. (PIMS’ partner) provided a comprehensive catastrophe risk summary that assisted us in determining the appropriate levels of liability based on exposure. PIMS continues to help our organization remain financially stable by offering competitive pricing for our insurance programs.”

All parties involved answered questions and provided information in a timely and professional manner, said Lee. “We appreciate the way Sherri Lomas of PIMS and Greyson Richardson of AmWINS partnered with Timothy Steadman of McNeary and with us.”