Retail presents unique insurance challenges due to the seasonality of the industry – frequently, it isn’t entirely clear just how much coverage is needed at any given time in the year, let alone how to negotiate the appropriate coverage with an insurance company. We help our clients with these kinds of challenges and do everything possible to assure that insurance doesn’t get in the way of customer service by designing liability programs that meet this need.
High impact areas we review:
- Valuation of losses for product and inventory
- Dependent properties
- Control of claims
Industry Insights with Mitch
We’ve seen just about everything you can imagine, and then more. Here are a few examples of what we’ve accomplished for our clients.
Case Study – North American Distribution
A North American distribution and retail company with $600 million in sales had two separate insurance programs, one in the US and the other in Canada. Our examination concluded that program consolidation would provide cost and administrative advantages. We conducted a competitive marketing exercise with their two brokers, resulting in a combined program that increased the quality and scope of the client’s coverage. In addition, they fully complied with all state and provincial insurance requirements, and saved about $600,000 in annual premium.
Every industry and every company is unique, with vastly different risks to manage. We've become experts in many fields and have saved a lot of time and money for our clients.
”Mitch helped successfully get us paid on a claim which exceeded $1 million.
“Mitch Davis consults on a number of our portfolio companies, including a 160–store retail chain, and several other significant investments. We really didn’t feel that we fully understood our complex insurance coverages until he helped guide us, and, as a result, he not only made us more comfortable with our programs, particularly our D&O and Crime coverages, but in fact negotiated enhanced terms.
He has been the driving force in stabilizing our premiums, and in several cases negotiating more competitive rates. In addition, Mitch helped successfully get us paid on a claim which exceeded $1 million, while managing to maintain a strong ongoing relationship with our insurance carrier. In a business environment where we are extremely conscious of cost control and risk management, we don’t think we can afford not to rely on Mitch’s expertise.”Bruce KesseTotowa, New Jersey and Toronto, Ontario