Case study · Manufacturing
A manufacturer found $500K of underinsurance — and still saved $15,000 a year
How Summit uncovered more than $500,000 of building underinsurance for a manufacturer, marketed the account to five manufacturing insurers, and placed a broader Property & Liability package with an A+ rated insurer while cutting premium by $15,000 annually.
The challenge
A manufacturer faced several significant problems with their coverage under their existing broker and insurer. Policy coverage and limits were not reviewed at renewal, leaving them with insufficient protection. The incumbent broker began the renewal process just days before expiry, resulting in automatic renewals and several years of compounded 5–10% rate increases.
Annual premiums became unmanageable. The client was never given alternative options to compare against their renewal terms and was told market pricing left no other options.
What Summit did
The client hired Summit as their broker. Summit conducted a comprehensive audit of existing policies and held an underwriting call to understand the business operations and future goals.
A new building valuation revealed the building was underinsured by over $500,000. Summit then ran a thorough property audit to ensure equipment, stock, and office contents limits were current and properly insured.
We then presented the client's profile to five manufacturing markets known for supporting similar clients, seeking competitive and comprehensive solutions.
The results
Placed a comprehensive Property & Liability package with an A+ rated insurer, ensuring proper valuation and protection in the event of a loss.
Added Legal Expense coverage and a robust Cyber package, replacing an inadequate cyber extension that offered minimal protection.
Increased all property limits and added comprehensive extensions while reducing premium by $15,000 annually.
The proactive approach delivered immediate savings and left the company better protected against potential risks and liabilities — showing the value of thorough policy reviews, proactive market outreach, and comprehensive coverage.
“Through a proactive and detailed approach, we were able to transform the client's insurance strategy. By ensuring proper coverage, introducing comprehensive protection, and achieving significant cost savings, we demonstrated the value of a tailored insurance solution that truly meets the client's needs and goals.”