With insureds spanning the breadth of the United States (U.S.) economy, our general liability coverage capabilities are equally broad. The more risk borne by the insured, through deductibles or captive reinsurance, the more flexible we can be on program design, including coverages.
Those insureds with unique or exhaustive additional insured needs, historically tough product liability exposures, or simply thousands of insurance certificate requests, will appreciate our creative solutions to their needs.
We have a long history of meeting the needs of insureds with large commercial automobile and trucking fleets in the U.S. We are well versed in the requirements to show evidence of statutorily compliant auto/truckers’ liability insurance to various regulatory authorities (both state and federal) on a timely basis.
Old Republic Risk Management’s automated application to select/reject UM/UIM coverage, removes the paper-intensive process for the 51 U.S. jurisdictions and streamlines form completion. Compared to the hard-copy process that took hours; the simpliFORRM process takes on average less than 45 minutes to complete, saving our insureds a significant amount of time every year.
Workers’ compensation is a compulsory line of coverage for virtually every business operating in the U.S. The vast diversity in the size and scope of businesses requires an approach to providing workers’ compensation as unique as each of those businesses.
Old Republic has long been a leader in the workers’ compensation market segment of the alternative risk marketplace, serving those employers that want to reduce cost and manage risk via the use of risk retention plans and unbundled claims management services. We specifically design a workers’ compensation program for each insured that allows them to retain the working layer of losses (to avoid trading dollars with the insurer), secure their retained losses with appropriate collateral and then contract with the approved third-party claims administration partner of the insured’s choice.
Commonly used retention techniques are large deductibles, qualified self-insured retentions and captive reinsurance. To determine the appropriate retention amount for an individual insured, we will have a dialogue with the insured to understand their needs, loss patterns and history, and may prepare quotes at different retention levels to compare costs.
Having our insureds retain the working layer of loss is one of the hallmarks of our insurance programs. Collateral is required to secure financial obligations based on the retentions chosen and the ultimate loss estimates for a program. Our account executives are able help determine the best collateral structure and will maintain the collateral plan with future adjustments, as necessary.