Marine Construction Contractor Improves their Risk Management Program

BKS Partners Helps Fast Growing Marine Construction Contractor Improve their Risk Management Program to Accommodate Growth & New Projects!

Background and Context

A fast growing marine construction contractor grew unhappy with their insurance broker relationship. As the contractor evolved they saw a need for a proactive insurance partner. BKS saw a need for an established and repeatable Jobsite Safety Program the client can use to help limit claims as their project size/scope continues to grow. By doubling in size the clients exposure basis increased and there were more carrier partners willing to offer competitive renewal terms.

Solutions and Tactics​

BKS’s Risk Mitigation Team visited multiple construction sites and interviewed different team members who lead the jobsite safety efforts to understand what risk controls were in place and provide feedback on what is needed to improve. With a thorough understanding of the clients business, exposures, culture, and future goals BKS was able to craft a detailed Carrier RFP to use at renewal.

Value and Lessons

  • BKS helped client implement their new Jobsite Safety Plan which will maintain their employees safety as they enter into larger projects. Limiting claims also leads to controlled insurance costs.
  • The detailed Carrier RFP enticed numerous insurance carrier partners to offer competing terms at renewal. The increased competition led to a 20%-40% decrease in premium rate at renewal.

Ensure your protection is as distinctive as you are.

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