We recently received a referral from a consultant who was asked to assist their client with the D&O insurance buying process. He reached out to us and asked if we can help as he felt his client needed more guidance and advice than they were getting. Who can blame them? Management Liability Insurance is complex and it’s not a cheap purchase. Hence clients expect, as they should, to be educated on the product and how it will address their specific risks and concerns.

Our corporate tagline and mission is EDUCATE | EMPOWER | PROTECT. For us, education is a two-way street! We need to ask the relevant questions in order fully understand a client’s business and all if its idiosyncrasies. Subsequently, we need to apply an appropriate insurance solution and educate our clients on what that is and isn’t protected. Part of the reason we believe so strongly in what we do is because our process and mission give our clients peace of mind that their business-related liability exposures and non-investment operational risks are addressed. They know if there is ever a claim, we will address promptly and be there with them every step of the way.

The situation: We were introduced to a prospective client by a consultant partner who was in the midst of reviewing a D&O Insurance option. The existing broker provided our client with a D&O quote. The problem was that the quote (in lieu of a detailed proposal) was directly from the insurance company. While the limits and price were included, it also listed out numerous endorsements/policy amendments in a bunch of legalese. This can be confusing for folks in the industry let alone a CCO who has been tasked with protecting her firm. But more importantly, it didn’t list out what was and wasn’t covered, the alternative markets that were approached nor did it list the additional insured companies which needed to be included for coverage.

What we did: After an initial conversation with the prospective client, we devised an appropriate strategy. As such we were able to provide a competing proposal within a weeks time. Our proposal included a tremendous amount of detail which adequately addressed all of our client’s concerns. Further, we spent a considerable amount of time with the CCO and COO in order to get them comfortable with the current state of the market, the coverage and our recommended option which was cheaper than the original proposal.

Result: A mutually beneficial outcome… & a new Happy Iron Cove client!!