John Durante
Senior Vice President
Marsh, St. Louis
A Railroad Man
Before John Durante, senior vice president with Marsh Inc., was a railroad broker, he was a railroad man, spending eight years in a railroad's risk management department. His background enabled him to serve his clients well last year by negotiating expanded coverage, cutting insurance costs, improving risk identification and favorably resolving a claim dispute.
For one client, Durante negotiated $25 million of additional property limits, greater business interruption coverage and a more than two-fold increase in various sublimits for the expiring premium. Durante achieved that by educating the incumbent insurer about the superior condition of the railroad's infrastructure.
"John was able to make us much more comfortable that were we to suffer a catastrophic loss, our coverage would be much more robust than it previously was," the client said.
The client also said that Durante ensures that the railroad has "considered contingencies that might not otherwise have come to light."
Durante also negotiated improved executive risk coverage for the railroad. In addition, he led negotiations with a contractor's insurer that had denied coverage for a loss the railroad contended rested with the contractor as a result of a series of provisions in a web of contracts involving several parties. The insurer eventually covered the loss.
For another client, he negotiated enhanced coverage and the elimination of an annual aggregate deductible -- again for a lower premium. The improved program kicked in before last spring's spate of tornadoes, during which the client lost a bridge.
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February 21, 2012 Copyright 2012© LRP Publications |
