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Situation
A large nonprofit in Cincinnati has been serving the community for more than 50 years.
The organization, which serves Greater Cincinnati for addiction services, had two major claims and several smaller claims over the years. The small claims were reported without the organization understanding the impact they would have on their renewal rates.
The larger claims allowed for a reassessment of their risk management investments. The policy was renewed the day before its effective date, with Excess and Surplus coverage as the only option. The nonprofit panicked when the renewal rate more than doubled to $270,000 under their existing broker.
That’s when Oswald stepped in.
Action
Our internal loss control team evaluated the preventive risk management steps taken and developed the nonprofit’s story for the marketplace.
Oswald’s experienced team moved the client from an Excess and Surplus policy to direct carrier coverage.
Oswald drastically increased coverage limits, including a higher Umbrella limit. The nonprofit was also able to move to an effective date of their choice, rather than year end.
Result
Oswald reduced the renewal rate by over $120,000, nearly bringing the client to tears.
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NOTE: This content is for informational purposes only and is not intended as a representation of likely outcomes. Each scenario is different. Speak to an Oswald insurance advisor to discuss your particular situation.
