These stories may
the experience of
and are not
guarantees of future
LSGIP Hammers Out Contract for Builder
Quick Fix to Last Minute Cancellation Notice No Problem
A Home Building company was informed by their insurance agent that their contract, due to renew in ten days, was to be cancelled due to ”industry conditions”. The company called LSGIP expressing concern for the tight timeline and their desperate need for liability coverage.
Utilizing LSGIP's strong relationship with several key carriers, our team brought in a qualified Amerisure inspection engineer the very next day. Within five days, LSGIP presented the Home Building company with a complete proposal for all of their business insurance needs. Impressed with our timeliness, professionalism, expertise, and price structure, the company awarded LSGIP the business--on the spot!
Switch to LSGIP Brings Company Refund for Overpayment
Investigation Identifies Responsible Parties
The largest mechanical contractor in Southeast Michigan was spending considerable amounts of money on their insurance plan, yet experiencing multiple insurance problems and frustrations, and in fact, were overpaying on their premiums. Looking to their current broker to solve their problems or assist with a refund brought little success.
When they turned to LSGIP for help, our firm assured them that we could bring satisfactory resolution to their complicated situation. Using subrogation recovery investigation, our professional team worked diligently to identify the correct responsible party/carrier to pay the numerous employee health claims. We not only solved our client's insurance problems, but our resolution yielded a premium refund resulting in thousands of dollars.
M&A Risk Review Uncovers Hidden Liabilities
Buyer Saves Millions on Business Purchase
A Tier 1 Automotive Supplier in Southeast Michigan, interested in acquiring a competitor, hired attorneys and accountants to assist with the due diligence analysis. The company was unsure how to evaluate the risk management and insurance issues, and asked LSGIP to review the target company's historical property and casualty insurance program, along with current financial statements.
LSGIP identified concerns with the company's self-insured workers’ compensation program, specifically with the accuracy and adequacy of their open claim reserves for current and past years. Teaming with actuaries, we conducted an extensive review of the historical loss runs and created a statistical analysis to aid in the prediction of “ultimate” dollars to be paid on incurred claims. While the company’s financial statements indicated open liabilities of $1,000,000, our analysis showed the “ultimate” liability to be between $3,000,000 to $5,000,000. Bottom line: Our client used our figures to negotiate a substantially lower acquisition price.
Crime Victim Saved from Double Indignity
Corrected Claims Save Employee More Than $8,000
An employee of an Oil Transport company was being held responsible for more than $8,000 in hospital bills, the result of being the victim of a crime. The company’s HR dept called in LSGIP for assistance.
To further complicate matters, the crime victim left the employment of the Oil company during the lengthy process of determining who was the liable party for payment. Despite these complications, LSGIP was still able to resolve the outstanding claims issues using subrogation recovery investigation. The crime victim was ultimately relieved of his monetary responsibility and was actually refunded overpayments he had made to the hospital.
Staffing Firm Saved from Business Dissolution
LSGIP Negotiates Pivotal Coverage
A Michigan Technical Staffing Company that refers employees to Tier 1 automotive suppliers signaled an "SOS " to LSGIP for help with its insurance programming.
Their Tier 1 suppliers/clients had insisted that the staffing firm provide Employment Practices Liability Insurance, which is generally not a good risk for staffing companies. Insurance carrier after carrier turned them down. They were in jeopardy of losing their business.
LSGIP used our market leverage to create an insurance program with an A-rated admitted carrier. We helped save their business and allowed the Company to continue to service their clients without interruption.
Shift to Self-Funding Saves Health Insurance Costs
LSGIP Negotiates with Union to Strike Deal
A prominent Automotive Supplier had a fully insured community-rated plan that was averaging an annual increase of 15% over three years. The company thought self-funding the plan might be a good option. However, they were not certain of their risks, their employees’ health profile or how the union would react to a change in carrier and plan design.
LSGIP worked with the union to negotiate a mid-contract plan change, coordinated a survey to determine the group’s health profile, and conducted an RFP to find a viable offering.
As a result, the auto supplier was able to lower their annual cost by 49% while also reducing employee contributions.
LSGIP Brings Peace to Grieving Family
Support to HR Department Eases Tense Time
A North Carolina-based Plastic Injection Molding Company was in the process of changing life insurance carriers when a cherished employee suddenly passed away. Friday at 4:30PM, the funeral home informed the deceased’s spouse that burial services (scheduled for the following morning) would not take place unless they received written confirmation of life insurance. Since new insurance certificates had not yet been issued, there was nothing for the overwhelmed and distraught widow to provide.
The HR Department turned to our team at LSGIP for immediate action to help solve this unbearable, emotionally-charged situation. We first spoke directly to the funeral home, which remained unwilling to proceed without written proof of coverage. We then contacted the carrier and were able to receive written confirmation of coverage. We faxed the letter to the funeral home and followed up to confirm receipt.
By 5:00PM, one-half hour from the original phone call, the funeral home had agreed to continue with the funeral services as planned, relieving the spouse and her family of yet another emotional burden.