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Challenge
The insurance program for this predominant Chicago-based restaurant was not ideally
structured to cover their multiple locations,
resulting in $18M in coverage gaps. In addition,
a misclassification in their Workers’ Compensation program ultimately led to an overcharge.
Action
After compiling and analyzing each of their
current policies, the Alper Risk Manager
structured a new insurance program for their Client, consolidating all three policies into one master program. Alper’s AuditRate Division
reviewed the Workers’ Compensation policies and met with the CFO and COO to understand the
various duties of their employees.
Results
By combining the policies to a master policy,
the Client was able to obtain broader terms to
address the various coverage gaps. The premium for the new policy with all three locations was equal to the largest single location’s expiring
premium. We were able to fix the misclassification for the past policies and moving forward. As a
result, Alper was also able to recoup 100% of the policy overcharges from the current and prior year. The Client received a check in the amount of $20,000 from the insurance carrier. |
