After a client purchased a communications company with more than 2,000 employees, management wanted to make certain that due diligence was completed, not only through acquisition of the company, but also relative to the risk management program in place. The client requested an analysis of the organization’s program to make sure it was still competitive and effective and what changes, if any, needed to be made.
SilverStone Group’s Telecommunications Team was engaged to review all policies and losses and to recommend the most comprehensive risk management program possible. We conducted an in-depth, two-month analysis, during which several deficiencies were discovered. We reviewed our findings with the insured and presented strategies to help update the coverage program and make it more comprehensive.
Our Teleommunications Team further analyzed the organization’s risk tolerance level, negotiated with the organization’s carrier and was able to reduce the entire program cost by 38%, saving the client approximately $200,000 in premiums. Improvements were also made by the addition of two programs that were not previously part of the client’s package, as well as implementation of several endorsements to broaden their coverages.
This client ultimately elected to retain SilverStone Group as the broker for all lines of coverage. We continue to refine the program package to meet the changing needs of this organization.