A worldwide manufacturer of commercial equipment, whose activities include the installation and maintenance of such equipment, was experiencing late payments by customers due to the late production 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 their broker to find a carrier that could perform policy issuance services 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 for issuance of insured required endorsements and OCP/RRP policies. After dialogue with the broker and insured to make sure the expectations were fully understood, we responded by developing mutually agreeable procedures and timelines to meet the manufacturer’s needs.
Since the insured has become a customer of ours, documentation and issuance have been streamlined and zero backlogs have occurred. 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, they have exceeded them on every level of service.”