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Transcript of YBGR
Risk Advisor Team
Sherry Daniels, Sales Executive
Chris Hoiness, CPCU, CIC, Sr. Vice President
Devan Hoiness, Sales Executive
Amy Blackard, Account Manager
Patti Harichark, Billings based claims advocate
Brendan Riley, Loss Control/Safety
Mindy Carver, In-House Legal Counsel
Hoiness LaBar Insurance was founded in 1921 in Billings, MT. In 2012, PayneWest was formed by a merger of two leading agencies in the Rocky Mountain Region, Payne Financial Group and Western States Insurance.
Independent and Employee Owned
Services developed based on needs of our clients
Loss Prevention Services
Insurance Contract Review
Company Mission: Focus on our Clients, our Colleagues, our Communities
Gap: Your current property policy is structured and requires YBGR to carry replacement cost values at 100% "at the time of loss" to avoid a penalty.
PayneWest Insurance will establish proper values with YBGR and work with Markel Insurance to reduce or eliminate the penalty.
Note: Business Contents coverage required values at 100% Co-Insurance. Business Income requires values at 50%
Your current policy has been endorsed with a "Total Pollution" Exclusion. The basic General Liability policy form provides coverage for carbon monoxide losses caused by heating and cooling systems. The Total Pollution Exclusion removes this very important coverage
PayneWest will work with Markel Insurance to remove this exclusion for no cost or find a carrier to provide this coverage.
Risk Management Concept: First identify the risk to YBGR. Then find risk management solution, other than insurance, to mitigate the exposure and financial risk to YBGR.
In reviewing your policies, we are unclear why you carry two general liability policies. The problem is that in a loss, both your Markel and London liability policies have "other insurance clauses" which causes confusion on which carrier is to respond to the loss.
Note: The London policy actually states that if other liability insurance is in effect (Markel), London does not have the
the claim, only the
right to defend!
Example: Garfield School Location
Current Insurance Limit: $3,105,000
Replacement Value of Building: $7,959,357
$3,105,000/$7,959,357 = 39%
Fire Loss: $1,000,000
Markel Insurance Payment= $1,000,000x.39-$5,000 deductible =
YBGR Penalty/Out of Pocket =
PayneWest, as your broker will obtain quotations to keep the general liability insurance with one carrier to assure proper coverage and eliminate duplication of coverage and cost.
Example: Possible duplication
Your current Markel umbrella policy in the amount of $2,000,000 does not provide coverage over the London general liability or professional liability policy, and your Employers Liability limit with the Montana State Fund.
Our goal, as your broker, is to coordinate the umbrella and underlying policies to fill these gaps, at no or very minimal cost or offer other risk management solutions.
Immediate Premium Savings Possibilities
Automobile policy can be corrected to save approximately $2,000.
Computer Policy could be removed as we feel it is duplicate coverage, except the perils of earthquake, flood, and mechanical breakdown: Savings $2,300
Miscellaneous Articles Floater - Appears to be some duplication of coverage and we recommend restructuring: Savings $1,500
Director's & Officers Liability optional quotation, with same limits and lower deductibles. Savings approximately $7,000.
Note: need updated loss history and completed application to confirm quote
PayneWest Goals for YBGR
Provide immediate premium savings in excess of $14,000 with a few simple corrections, discussions, and applications.
Negotiate the gaps in coverage identified in this brief summary without a significant financial impact to YBGR
Do an active search of the insurance marketplace and bid your current general liability and professional policies. First to structure proper coverage and eliminate duplicity in coverage and to strive for a significant premium savings (Cincinnati Insurance).
Develop a service plan for YBGR. (Sample Below)
Loss Control and Safety Tools
Gap Analysis Annual Checklist
Where do we go from here?
1. Elect to stay with current out of state broker.
2. Appoint PayneWest Insurance as your local insurance advisor, and move forward with our comprehensive risk management program to provide solutions and cost efficiencies for YBGR.