Issue
A property owner association was frustrated by challenges from inadequate broker services that led to high insurance costs and critical coverage gaps. These issues left the
company vulnerable to unforeseen financial and operational risks. Disappointed with their broker’s lack of proactive risk management and tailored solutions, the business turned to us for assistance.
Solution
We overhauled their insurance strategy, offering tailored, proactive risk management and cost-effective coverage. Through a careful evaluation of their existing policies and
risk exposures, we identified areas for improvement and developed a customized insurance program to enhance asset protection and reduce costs. By utilizing our comprehensive client service model and leveraging our team’s expertise, we streamlined their insurance processes with a single program renewal date. This streamlined policy management and reduced administrative tasks. Additionally, we addressed their coverage gap concerns, ensuring potential risks were adequately covered. Our proactive and committed approach improved their risk management plan, allowing them to concentrate on business operations with confidence.
Outcome
Since the property owner association became a CBIZ client, our focus has been to consolidate the insurance program/expiration date, while enhancing coverage scope and managing costs. This has resulted in a significant 24% cost savings of $46,000.
Key liability exclusions including liquor liability, injury to volunteers, injury to athletic or sports participants, and personal injury and advertising liability were removed from their general liability policy. We also added volunteer accident benefits, equipment breakdown coverage and expanded real property coverage for $250,000 to cover underground pipes, pilings, bridges, foundations and roadways. Golf carts are now covered under business personal property and building ordinance or law coverage was added. Additionally, the cyber insurance limit was increased from $500,000 to $1 million.
Using CBIZ property valuation services, we provided a detailed report that helped secure better coverage with a trusted insurer. This saved the client money and ensured they had the right protection for their property. Our expert team guided them through the process, delivering peace of mind and comprehensive coverage.
| Company Information | |
|---|---|
| Industry | Hospitality/Resort |
| Entity Type | Property Owner Association |
| Ownership Structure | Privately held |
| Geographic Footprint | Regional |
| Number of Employees | 15 |
| Annual Revenue | $2.7 Million |
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