A client approached SilverStone Group to assist with the acquisition of a processing plant. Management needed an analysis of coverages to determine feasibility, along with a risk management program design. The client’s schedule was tight — it was necessary to implement the program in less than two weeks.
SilverStone Group completed the analysis and discovered several coverages that were unnecessary for a company of this size. The feasibility was excellent and a risk management program was designed to fit their needs. The challenge was to locate a carrier who could accept the program and turn it around within a week.
Our Manufacturing Team used its expertise with manufacturing risks and called upon its excellent carrier relationships to convince a major stock company to work with the client. The coverages and program were secured within the two-week time frame.
But the Manufacturing Team didn’t stop there. Due to the constraints of a short turnaround time, we believed it was necessary to evaluate the pricing to be certain it was competitive in the marketplace. We requested numerous quotes from different carriers over the next two months and by utilizing marketplace conditions to the client’s advantage, were able to lower the program cost by 28%.
By partnering with both the client and the carrier, SilverStone Group helped create a successful outcome for this organization.