Policy Servicing Issues
A worldwide manufacturer of commercial equipment, whose activities include the installation and maintenance of such equipment, was experiencing late payments from customers due to the delayed issuance of related insurance policy documents – including customer-specific additional insured endorsements, Owner and Contractors Protective (OCP), and Railroad Protective (RRP) Liability policies. The backlog of documentation and late payments was impacting their bottom line.
The manufacturer instructed its broker to find a carrier that could issue policies in a timely manner. Knowing our reputation for quality service, the broker contacted Old Republic Risk Management to put together a primary casualty insurance program, including a streamlined approach to the issuance of insured-required endorsements and OCP/RRP policies. After dialogue with the broker and the insured to ensure expectations were fully understood, we developed mutually agreed-upon procedures and timelines to meet the manufacturer’s needs.
Since the insured became a customer of ours, documentation and issuance have been streamlined, and there have been no backlogs. More importantly, the insured has received customer payments on time. In the words of the Risk Manager, “Old Republic Risk Management has not only met expectations, but they have exceeded them on every level of service.”