An equipment manufacturing insured, through their broker, approached Old Republic Risk Management (ORRM) about major contractual difficulties with their incumbent carrier. The incumbent carrier was not willing to make “minor” changes to their insurance agreement, even though the manufacturer retained all of the risk of loss via matching deductibles. The renewal date with the incumbent carrier was one week away and the broker had orders from the manufacturer to negotiate a new insurance arrangement.
After several discussions with the manufacturer’s broker over the course of two business days, ORRM put forth a final insurance proposal and proposed new contract language to both parties that resolved the issues at hand. The manufacturer awarded their business to ORRM the next day.
ORRM worked with the manufacturer and broker to assist in resolving the policy impasse. By exhibiting a flexible approach, ORRM was able to deliver a customized a solution that met the manufacturer’s needs in a timely manner.