Allen Amos, CPCU
EPIC Inc., San Mateo, Calif.
Broker Delivers Major Accomplishments
A value sometimes can be placed on outstanding service, broad knowledge and years of experience. For one of Allen Amos' clients, that number was about $500,000 dollars last year.
Amos, principal with Edgewood Partners Insurance Center Inc., previously had introduced the client to a captive insurance program that is managed by a third party. Since it began participating in the captive, the client sustained its largest-ever loss, which involved workers' compensation, auto liability and physical damage claims.
As the captive manager prepared to close a policy year in which the claim was still open, Amos -- a former underwriter -- stepped in and worked out a delay that resulted in a huge financial return for his client.
The claim against the client had open reserves on the workers' compensation portion of the loss, but the client anticipated settling that loss for less than the outstanding reserves based on surveillance videos. Closing the policy year as planned also would have prevented the client from reducing its incurred-but-not-reported losses. "(It) would have resulted in a large monetary hit to our company," the client said.
"Partially as a result, we received a refund of approximately $450,000," in 2011. "This was a major accomplishment for us," said the client, noting that the refund represented more than a quarter of its annual insurance premiums.
Another client gives Amos equally high marks for his service as well as his knowledge and expertise. "He has excellent knowledge of our industry, and that is the main reason we went with him."
February 21, 2012
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