Case study · Architecture & Engineering
An engineering firm cut premium from $46,000 to $32,285 with an accurate submission
How Summit rebuilt an engineering firm's insurance submission with contract documentation and corrected revenue figures, created leverage with an alternative insurer, and negotiated premium from $46,000 to $32,285.
The challenge
An engineering firm faced significant problems with their existing coverage. Premiums increased annually and they were not offered competitive options. Their risk management procedures and accurate revenue figures were not reflected in their insurance submissions, resulting in higher premiums and inadequate coverage.
These oversights caused friction at renewal and let premiums become unmanageable. The client was never advised how to accurately present their risk management strategy to insurers, even though they had a robust one in place.
What Summit did
The client hired Summit as their broker. Summit carried out thorough underwriting due diligence to understand the firm's operations, goals, and specific needs, plus a full risk assessment to make sure all potential exposures were addressed.
Summit built the submission to accurately reflect the client's risk management procedures — including detailed documentation of standard written contracts that limit liability — and updated revenue figures to match the firm's current financial position. This secured competitive terms from an alternative insurer, creating leverage in negotiations with the incumbent.
The results
Premium reduction. Negotiated renewal premium down from $46,000 to $32,285.
Accurate representation. The submission now reflects the client's risk management procedures and revenues, leading to more favourable underwriting terms.
Broader coverage. Recommended consolidating policies with a single insurer for broader coverage and better alignment with the firm's operational needs.
The proactive approach delivered immediate savings and left the firm better protected against potential risks and liabilities.
“Through a careful underwriting due diligence process and strategic market positioning, we transformed our client's insurance strategy. By leveraging competitive terms and accurately representing the client's risk management practices, we achieved significant cost savings and enhanced coverage. This case underscores the value of a tailored approach in securing the best insurance solutions for our clients.”