Risk Management Services Paints a Pretty Picture for Client

The LP Service Difference

We are service providers. We seek to build a relationship, providing products that fulfill your insurance needs. Asking the right questions, offering solutions to business challenges and providing support services such as risk management and loss control is what makes LP unique. How we work for you… 

Risk Management Services Paints a Pretty Picture for Client

Our Risk Management Services group helped a commercial painting company recover a large claim ensuring the health of their bond line – and their bottom line as well. Matt Ennis, head of LP’s risk transfer/legal support services, employed his years of insurance industry experience and legal knowledge to secure a large recovery for our customer.

Background

The client was awarded a city contract to clean, sandblast, prime and paint, a large tank at a reclamation facility. The initial contract, for just over $100,000, actually cost the painting company more than twice that amount as a rogue wind gust tore through the project site compromising much of the work and damaging equipment and property. In a show of good faith, the painting client finished the project, incurring all additional costs. 

Diagnostics

After submitting a full claim to the insurance carrier (including costs for emergency labor measures, equipment and property repairs, additional fees for extra time on rentals and more) the painting company was shocked to receive an offer of less than 30% by the carrier.

Unhappy with the offer, the LP team stepped in to support our client and began negotiations with the carrier. After researching the policies and the situation in depth, Matt went straight to the carrier explaining that the client’s general liability policy and installation floater policy cover all the costs incurred by our customer. Again the carrier offered a little over 70% of the company’s incurred costs. And again, Matt went to work, further illustrating that the figure wasn’t enough to cover the carrier’s complete obligation according to the coverage outlined in the policies. 

Solutions

After many discussions and lots of due diligence by Matt and his team, the carrier finally agreed to pay the painting company nearly 85% of the incurred costs. The client agreed to accept the amount which allowed them to preserve their bond line and significantly improve their year-end financial statements.

Service

Earning the Relationship
The painting company was so thankful for what Matt, his team and LP did for them, they wrote, “Thanks so much for everything…this wouldn’t have happened without your help.”  Adding, “In 58 years, we have never walked away from a project without giving our customer a perfect job – and obviously neither does LP!”