Results
Aberdeen Proving Grounds, National Defense and Global Sales
With two manufacturing locations and a large, distributed supply chain, this company is the largest anti-ballistic military and defense contractor of its kind in North America. Annual revenue is approximately 70% domestic and 30% international. Upon reviewing operations and the existing insurance program, our team determined that the company was unprotected against suits in international courts. Some of the client’s entities weren’t insured at all. These mistakes were corrected immediately and a formal risk management program was created, enabling the client to focus on business without wasting energy worrying about protection.
Learn more from a McGowan team member >Artificial Hearts, Clinical Trials and Product Liability
The world’s leading artificial heart and left ventricle assist device manufacturer required a global risk protection partner. The company needed product liability coverage in a host of countries, making familiarity with their type of operation important. Our team had the skills necessary to procure coverage in fourteen countries with substantial savings, including registrations required for future clinical trials. As a result of our knowledgeable risk control team, we were able to secure broader terms and conditions, along with risk analysis services.
Learn more from a McGowan team member >Business Interruption, Extra Expense and Protecting Key Contracts
New, difficult-to-replace processing equipment caught fire at one of the few facilities making full-depth railroad panels for 200,000 public crossings in the US. The company operates in a very competitive market—buyers often maintain the right to terminate contracts if delivery timelines aren’t met. Our team successfully negotiated full payment of a multimillion-dollar settlement, including the extra expense to outsource production and replace processing equipment, the loss of fully contracted business income and the loss of pro-forma business income above and beyond existing contracts. Most importantly, all production schedules were met and no clients were lost.
Learn more from a McGowan team member >Financial Services, Wealth Management and Cyber Assets
Cyber asset security and best practices is a priority for a multi-family office with several billion dollars in assets and more than twenty-five private funds. The connectivity between internal systems, external systems and client families called for tightening the reins, particularly in today’s world of mobile-enabled technologies. Our team enlisted the former Director of Naval Intelligence to conduct a detailed analysis of their current status and possible future guidelines. The client is now implementing best-in-class cyber asset protection protocol and technologies to complement an equally best-in-class cyber insurance and risk management program.
Learn more from a McGowan team member >Flash Floods, Warehouses and Staying One Step Ahead
An architectural products company spread across four locations was outside of any flood, wind or named storm zone. Despite the odds, a thunderstorm led to flash flooding up and over the four-foot loading dock at their distribution facility. Twelve inches of standing water and over $400,000 in damage was done to products being stored on behalf of a client. Due to the insurance coverage checklist and standards used by our team, the company was the only business out of thirty tenants in the eight-building industrial park to receive full payment for flood damage, along with the increased cost of replacing goods to meet their contractual deadlines.
Learn more from a McGowan team member >Heavy Weather, Lightning Strikes and Turning on a Dime
Homeowners and condominium associations are responsible for a wide range of insurance and risk management decisions. Our team was engaged twelve days before policy renewal to replace the existing program for a $50MM historic condominium building. The association received notice that their existing agent was unable to renew due to recurring weather loss damages and a 70% year-over-year loss ratio. We worked with the association and the insurance market to create a heavy weather loss control program and CAPEX schedule, allowing us to successfully renew the property, liability and directors’ and officers’ liability insurance.
Learn more from a McGowan team member >Highways, Performance Bonds and Letters of Credit
An international construction, transportation and waste management company based in Argentina builds, operates and maintains toll roads throughout South and Central America. An $80MM evergreen, non-revocable letter of credit was required to guarantee the performance bond and begin construction of a new project. Our team took up the challenge, working with the client and their overseas lenders. In the end, the letter of credit and performance bond were secured at a 30% discount to open market terms.
Learn more from a McGowan team member >Monterey Bay, Vessel Down and Environmental Response
An oil vessel sank off the coast of the largest U.S. National Marine Sanctuary, which provides habitat for vast species of wildlife. Any threat to this kind of sanctuary is of major concern and successful clean-up required coordination with federal, state and local authorities, as well as marine emergency response, average adjusters and multiple insurers in the U.S. and London. As a result of our partnership, shoreline contamination was avoided and settlement negotiations ended in a multimillion-dollar recovery for our client.
Learn more from a McGowan team member >Railroad Bridges, Submarine Pens and Creditor Committees
A $250 million construction company declared bankruptcy, leading to an unusual insurance program renewal. The company was responsible for submarine pens, swing-span and vertical lift railroad bridges, and maintenance of navigable waterways. Their marine, management liability and multi-state workers’ compensation insurance required approval by the creditor committees and bankruptcy judge. An additional twist was presented by the ability of the court to “recall” any payments made 90 days prior to the structured bankruptcy, whereby the insurance companies were at risk of providing full coverage for zero premium. We successfully negotiated renewal terms to the satisfaction of all parties.
Learn more from a McGowan team member >Workers’ Compensation, Downhill Racing and Maximizing Cash Flow
Workers’ compensation insurance and risk management can be an adventure, particularly for companies with multi-state operations or highly mobile worker populations. A 3,600-acre ski resort is host to ten full-service restaurants, twenty retail shops and over 1,000 hotel rooms and condominiums. With over one million visitors per year, it is no small operation. Our team was engaged to capture gains in guest experience, employee safety and workers’ compensation cost. We analyzed a variety of programs and implemented an incurred loss retro program that reduced total costs by 30% in just eighteen months, while also improving guest and employee satisfaction across several objective measures.
Learn more from a McGowan team member >