The insured was experiencing aggressive general liability, auto liability and umbrella liability premium rate increases, as well as explosive payroll and revenue growth. This resulted in large earned premium audits. The company had not had their policies marketed in 10 years and were currently being rated incorrectly. In addition, the insured was not accessing a specialty information technology program and therefore was lacking coverage for design work.

The company’s general liability, auto liability and umbrella liability rate increases resulted in premium increase of over $200k, with workers’ compensation and general liability audits resulting in additional earned premium bills of over $100k. The issue was the incumbent agency did not have strong access to IT driven insurance programs that best suit the insured and therefore lacked the ability to secure aggressive pricing and pertinent coverage.

The Knight-Dik team marketed the policies to several specialty programs, enabling them to lock in lower premiums and place workers’ compensation policy in a pay-as-you-go payroll reporting program. The Knight-Dik team also placed all policies with a carrier IT program addressing premium and coverage issues.

By placing the insured in a specialty program, the Knight-Dik team was able to fill coverage gaps for the insured and also lock in $265k in premium savings with a two year general liability rate lock.

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