Private Client Services Insurance Case Studies

From Advisor to Client

There’s no place like home. Our Director of Private Client Services, Jessica Stoecklein DeFelice, experienced a significant house fire in 2022 and saw first hand the value of premium insurance coverage. She never anticipated being the focus of one of our insurance case studies. Watch the video to learn more.

Simplifying “complicated”

A client was previously insured with nine different insurance carriers through six different agents for their risks scattered across the US. They had 12 effective dates, 11 policies and their respective billing invoices, and varying deductibles on their homes and vehicles.

Simpson|McCrady was able to provide a holistic, simplified answer to their risk management and insurance needs with consistency in coverage with one highly rated high net worth carrier, one dedicated Account Manager as their point of contact, one renewal date, one bill, eight policies, consistency in claims handling philosophy, and the hands on guidance they deserve.

Lending a hand when in need

A new client was purchasing their first home in December. We placed their home insurance with one of our highly rated high net worth carriers. They had returned home from visiting family over the holidays to find that the batteries on the thermostat had died causing the home temperatures to plummet from the subzero winter temperatures. The entire plumbing system froze and pipes cracked in multiple locations in the house.
Simpson|McCrady received the first call explaining their situation. Being new to town, they did not know where to start or who to turn to. We helped secure nearby temporary housing for the insureds, their newborn, and their dog. We submitted the claim to their insurance carrier for them and provided guidance on next steps as we worked with the restoration company to mitigate further damage from happening as the cracked pipes thawed out and began to leak. We helped to coordinate the restoration company’s progress with the claims adjuster to have the repairs made as quickly as possible so the clients could move into their new home.

Planning for tomorrow

A client had recently worked with their estate planning attorney to implement a family trust which had ownership in their secondary residence. Over the last few years, they had also recently sold their family business which caused a liquidity event. The middle market carrier that they were with through a direct writer incorrectly wrote their secondary home in the name of the trust on a commercial policy. With this policy they were incorrectly insuring the home and overpaying for the risk. The company also could not address the increased excess liability limits that the family needed at a reasonable cost.

We were able rewrite the client’s policies appropriately with a high net worth carrier that had the expertise and understanding to appropriately address the trust for liability and property coverage and also provide adequate excess liability limits to protect their tangible assets, net worth, and future earnings with more adequate pricing.

White glove claims handling

One of our California families was affected by the wildfires in 2017. The high-end insurance carrier that we had them placed with proactively went out to the home with their Wildfire Defense Service Unit to spray down the structures with fire retardant prior to the wildfires reaching their town. We closely monitored the wildfire progress with the insurance carrier so we were prepared for next steps, if needed. They made it through the wildfire event without any fire damage with the exception of smoke damage to the interior.

Unfortunately, their property was affected by the mudslides and heavy rain that followed after the wildfires. The interior of the home remained untouched but their garage received several feet of mud and debris where the client’s high end vehicles were housed.

We visited the clients at their home along with the claims adjuster to understand the extent of the damage and determine a plan of action. We worked with the insurance company to make sure that the family had a comfortable place to stay while debris and mud were being removed from the site and the claims estimates were being tallied, checks were issued, and repairs and remediation were taking place.

Commercial Insurance Case Studies

Growing together

Simpson|McCrady became the outsourced Risk Management department for a US based middle market company in the mid 2000’s. At the time, they were solely domestic and approximately $80 million in revenue. As they grew and became owned by various Private Equity partners, the client became very acquisitive both domestically and internationally. Through this process, we were able to coordinate the integration of over 25 acquisitions over the last decade, garner savings in excess of $1.7 million annually, and coordinate all global placements. We currently insure the client’s global risk program, including primary and excess exposures, in 24 foreign countries.

Long standing partnership

Through a strategic acquisition in 1997, Simpson|McCrady obtained a non-profit client who had first engaged the acquired brokerage firm in 1910. Through the last 22 years (and 87 prior), Simpson|McCrady has continued to support this client with outsourced risk management, board service, and financial support/fundraising. Over the last 22 years, the client’s total cost of risk has declined incrementally, a Simpson|McCrady partner chaired the Board of Directors for 6 years, and we have raised well in excess of $400,000 in financial support.

Private to Public

Simpson|McCrady became the broker for a startup business in the late 2000’s who had ultimate plans to go public. Through our risk mapping analysis and strategies to avoid, mitigate, transfer, and accept risk, we assisted the CFO and CRO in their efforts to plan for and stage a very successful IPO. The culmination of this strategy helped the client obtain significant advantage in the pre and post IPO Management Liability structure and cost including full road show coverage as well as post IPO securities litigation.

Claim Advocacy

A large client with significant international exposures had a massive fire loss in excess of $40 million at one of their locations abroad. Simpson|McCrady was on site within ten days helping to begin the formal claim process in concert with the local subsidiaries’ team leaders. Simpson|McCrady negotiated advances from the carrier on the loss so the client never had to tap into their CapEx budget or go cash negative which was imperative given their lending covenants. Further, the claim was fully settled and closed to the client’s full satisfaction within ten months of the fire.