A Regional Airport Corporation saved $375,000 on annual insurance premiums while significantly improving coverages.
Background: Regional Airport.
Needs: Required an independent, comprehensive review of the current commercial insurance and workers compensation program costs.
Solutions: Recommendations included a fixed broker fee in lieu of commissions to guarantee broker advocacy and program structure/coverage improvements.
Savings: $375,000 - 12.5% savings on annual insurance premiums of approximately $3,000,000.
The Airport was happy with their broker and insurance carriers; however they considered it good corporate governance to review the efficiency and cost effectiveness of their insurance relationships, just as they periodically review other service providers. The Lion Partnership managed a competitive RFP process for the airport that resulted in the client selecting a new, highly qualified broker. The new broker proposed program structure changes resulting in over $375,000 in annual savings while remaining with the incumbent carriers and improving coverages and policy wording beneficial to their client.
The new broker, working under a fixed fee service agreement, anticipates additional improvements and savings to be available at the next renewal. The Lion Partnership is a specialist Global Insurance and Risk Advisory group, providing businesses with independent, impartial, and objective reviews and analysis of their insurance and risk management programs, substantially improving coverages and reducing costs. We guarantee our results, no savings no fee.
For more information on how we have helped businesses to save money and improve insurance coverage, please contact us.
- World’s best practice knowledge and local experience
- Best in class corporate governance protocols
- Independent and impartial advice and coverage review
- In-depth gap analysis and policy wording review to identify risks
- Global benchmarking to ensure optimum coverage at best price
- No requirement to change insurance providers
- Alternate Fee Structures including our ‘no savings, no fee’ model