Aon, Sarasota, Fla.
Broker Opens Minds
The problem was simple; the solution wasn't. Monica Brecka, director, Umbrella & Excess Casualty Brokerage with Aon Risk Solutions, was charged with sorting through and sorting out an excess liability program cobbled together for divergent companies that had amalgamated over three decades.
The expiring program involved various insurer forms that provided coverage for limited exposures. The client wanted a simplified program and improved coverage at, if possible, a reduced cost. After reviewing the client's risks and program, Brecka identified a host of potential coverage gaps and developed three simplified coverage structures. Brecka, limited by the client to specific market assignments, then met with underwriters in New York, Bermuda and London to outline her proposed solutions. The program that Brecka hammered out with underwriters addressed all of the client's demands.
It was simpler, so it reduced the client's administrative burden of retaining a large volume of historical data, and it provided expanded coverage, mitigating potential coverage gaps.
The client's secondary goal of reducing costs was not realized in 2011, but Brecka set up the program to reduce costs later. Costs remained stable last year due to a one-time payment for an extended claims-made reporting period. However, the program is undergoing a conversion to an occurrence form, which is designed to reduce coverage costs in future years. Brecka demonstrated her knowledge about legacy and current forms and a commitment to client service.
February 21, 2012
Copyright 2012© LRP Publications