THE CHALLENGE: Plenty of storms come and go and leave nary a mark. That wasn’t the case with a massive hailstorm that slammed into the Denver metro area in May 2017. The skies had barely cleared but it was evident that the storm has left hundreds of millions of dollars in damage in its wake. Our client’s 9.2-acre campus, home to more than a dozen buildings, including classroom space for children with developmental disabilities, was hard-hit. With skylights broken in the majority of the buildings, water damage was extensive. Also damaged: windows, HVAC systems on rooftops, siding and vehicles.
OUR SOLUTION: The hailstorm had arrived late in the afternoon. After a series of phone calls in the ensuing hours, our team was on the scene the next morning. That team included a lead advisor, a risk management expert and a claims professional. They met with the client’s executive team and the contractor hired to lead emergency-response mitigation. More than coordinating, our team set the tone with the carrier, making sure expectations were clearly laid out and, just as crucially, adhered to.
THE OUTCOME: When it rains it pours, right? Well, that’s exactly what happened to our client when its carrier decided it wouldn’t renew its policy. Insurance carriers do this from time to time when they need to minimize their risk exposure. It’s never easy but, to a point, understandable. In any case, not only were we now dealing with a hailstorm recovery situation, but it was suddenly time to find a new insurer. That can always be a tricky proposition, though especially so when your client is still settling millions of dollars of claims with their soon-to-be-former carrier. The good news is that, as a brokerage doing business with some of the world’s leading carriers, we were able to secure equivalent coverage post-haste without any significant increases in our client’s premiums. In the meantime, we continued to meet with our client to monitor progress on their restoration work and ensure that payments from the outgoing carrier were made in a timely fashion. It took about nine months and about $3 million, but the great news is that students and staff were able to return this summer after spending a year at another school.
Want to learn more? Contact CCIG VP Scott Carlson at ScottC@thinkccig.com or 720-212-2040.
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