It’s true. Most CEOs of multi-million dollar operations don’t invest their time wondering what their property and casualty insurance covers. When driving daily to work they don’t ask questions like: Does their business interruption insurance cover them until operations return or until permits are approved? Do policies cover the expense of debris clean up? Do policies include blanketed non-owned disposal sites or are is it restricted to only those disposal sites listed?
They rely on others to care about these issues and invest the time necessary. Unfortunately, they don’t know what they don’t know until there’s an issue: the EPA comes calling, a fire, sale of a property, or a merger or acquisition. This is when, many times, they wished they had cared.
They need not suffer if they have the benefit of accessible, local risk management and insurance expertise, otherwise known as a trusted advisor or a great quarterback. These CEOs with a great QB discover after the claim that they have brokers who understand local laws and how these apply to their business and where it operates.
When it comes to environmental liability, too often business owners and their executives aren’t aware that localized knowledge of environmental markets is critical to covering the right exposures and avoiding others. Specialty knowledge, like environmental, is found at national brokerages and more often resides in offices on either the east or west coast. At this distance, their brokers in the middle markets are inclined to avoid the costs of bringing in these experts because it threatens their commissions. And when they do pay to fly experts into your market, the client more often needs to wait days to meet them. When an urgent environmental issue arises, these travel delays risk unnecessary business disruptions, threats to revenue and damage to reputation. These outside experts are more often inclined to discuss or focus on risks irrelevant to Midwest operations. Are you worried about oil spills in the ocean? Or is contamination of neighboring properties a threat to your business?
The Rewards Received by CEOs Who Care in Advance of a Claim
Armada Risk Partners offers local and accessible risk management and insurance experts, which translates into value-added deliverables:
Long term relationships with the underwriters as well as knowledge of specialized insurance markets that offer protections unique to your industry and geography. This perspective gives Armada a true understanding of each carrier’s specific appetites for risk, enabling us to cost effectively negotiate and structure the appropriate coverage solutions.
Ability and ease to meet with clients and visit properties or operations to better understand and accurately represent your risks to the insurance carriers. Identifying exposures and confirming that there are no coverage gaps in current insurance programs is key to protecting threats to your bottom line.
Relationships with local centers of influence (i.e. attorneys, consultants, etc.). At Armada, another fundamental promise we operate with is to actively network and connect clients with the resources they need to grow their business.
Keeping vital risk management and insurance expertise local and accessible to clients is one of the fundamental building blocks that established Armada Risk Partners. It’s why we operate with the promise to be within reach of a client by a three-hour car drive or same day flight. It’s what makes us different. And it is why our team has the expertise relevant to where our clients operate and serve. ●