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Case Studies: The Manufacturer

 

The Client
An investment group sought to purchase a high-hazard manufacturing unit of a larger soon to be bankrupt company.
The Problem
Elkins Jones was referred to the buyers by an existing long term customer. It quickly emerged that Elkins Jones would have less than two weeks to untangle the new entity from the parent and place all lines of coverage. The problem was compounded when it was revealed that there was little loss run information for a high-hazard product. Previously, the client had carried a $250,000 deductible
The Solution
Elkins Jones worked feverishly to market the risk and assuage the fears of the insurance companies due to the high hazard nature of the manufacturing. Potential product liabilities were evaluated by lawyers from the insurance companies, 3rd party lawyers, and in house Elkins Jones specialists. In the end, several carriers chose to quote the risk, despite the incredibly short time period.
The Result
Quotes were received just under two weeks after the purchase began, and less than one week after the receipt of rudimentary loss runs. Elkins Jones obtained a $20,000 dollar deductible, despite the high loss potential and previous losses. The client was able to complete the purchase on time, and opened for business with a comprehensive insurance program.

 

Like to read more? Find out about other Elkins Jones success stories in the following case studies:

 

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