Energy Industry –
Identifying the Right WC Program Design
An energy company with a large deductible program decided to market their primary WC policy. The prospect was frustrated with the renewal process with their incumbent carrier and the lack of transparency in the premium components.
Old Republic Risk Management met with the insured and broker to discuss the goals and objectives in considering alternative insurers. Because of the energy company’s strong balance sheet and confidence in their ability to control their direct loss costs, the insured concluded that a higher WC deductible might be better aligned with their overall corporate strategy.
Subsequently, Old Republic Risk Management offered a $2M WC deductible program, providing the insured with substantial cost savings and predictable WC pricing from year to year. In addition, Old Republic Risk Management detailed the various premium components which allowed the insured to fully understand the overall premiums with the desired transparency.
In the end, Old Republic Risk Management put forth solutions to the client and broker which enhanced the alignment of the insured’s insurance program with their overall corporate strategy and made the ongoing renewal process predictable and pain free. This is another example of how Old Republic Risk Management listened to our client’s issues and brought value to the table.
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