NIP Specialty Brokerage Success Stories

If you’ve got hard-to-place construction-related risks, especially large accounts, it helps to have a specialist on your side. Give NIP Specialty Brokerage a call – maybe we can help you with your next account. We’re the Construction Experts, and we have had a lot of success lately placing everything from Home Builders and Developers to Specialty Trade Contractors to Public Works Contractors. Here are some of our recent successes, and how NIP Specialty’s expertise and dedication helped these brokers deliver for their difficult clients.

Account:  GL for Concrete Contractor (FL)
Premium: $58,000

NIP Specialty recently placed a difficult account for an agent working on a concrete construction contractor in Key West, FL.  The insured has been in business for over 25 years, specializing in new construction and repair / rehabilitation work for concrete foundations, both residential and commercial.  Estimating receipts of over $3M with all operations in the state of FL, NIP diligently worked to find a market willing to entertain such a risk.   With 50% of work being residential, many markets shied away from quoting this type of exposure in Florida.  NIP Specialty was able to secure a favorable CGL proposal written on an occurrence form with an A rated, non-admitted market that specializes in contractors.

Account:  GL and Umbrella for Water/Sewer Contractor (NY)
Premium: $77,000

NIP Specialty recently placed a difficult account for an agent working on a concrete construction contractor in Key West, FL.  The insured has been in business for over 25 years, specializing in new construction and repair / rehabilitation work for concrete foundations, both residential and commercial.  Estimating receipts of over $3M with all operations in the state of FL, NIP diligently worked to find a market willing to entertain such a risk.   With 50% of work being residential, many markets shied away from quoting this type of exposure in Florida.  NIP Specialty was able to secure a favorable CGL proposal written on an occurrence form with an A rated, non-admitted market that specializes in contractors.

Account:  GL for Residential Condominium Builder (NJ)
Premium: $57,500

NIP Specialty worked out a placement for a start up operation building new condominiums.  The class was difficult to place, especially at a reasonable premium.  NIP Specialty’s connections, and our persistence, paid off when we successfully placed the account with an A rated carrier that specializes in residential contractors.  The key to writing the risk was providing broad coverage at a fair price for a new operation.

Account:  GL for Residential General Contractor (IL)
Premium: $78,100

NIP Specialty worked out a placement for this builder of new condominiums with estimated receipts of $7 million.   The key to writing this risk was separating the architect and engineer exposure, which was previously on a combined form.  The combination of the tough class and architects on staff created a challenge.  Our casualty proposal included blanket additional insured, per project aggregate, and blanket waiver of subrogation on an occurrence form.

NIP Specialty diligently worked to find a market willing to entertain such a risk.  Our retailer was able to offer the right terms with an A rated market that specializes in contractors within that territory.

Account:  GL and Umbrella for Commercial Contractor (NY and NJ)
Premium: $230,000

NIP Specialty worked out a placement for a contractor working on foundations and walls. The account was non-renewed due to class.  The combination of the tough class and work in New York created a challenge.  The key to writing this risk was providing one policy for both states.  NIP Specialty diligently worked to find a market willing to entertain such a risk.

After extensive negotiations, NIP was able to offer a favorable CGL proposal written on an occurrence form, including hard-to-get coverage such as blanket additional insured and blanket waiver of subrogation which are required for the commercial jobs this client has.  Our casualty proposal also included an aggressively priced umbrella option which the client favored.  The agent was able to offer the right terms with an A rated market that specializes in contractors within that territory.

Account:  GL and Property for a Condo Association (NJ)
Premium: $124,366

NIP Specialty was successful in placing GL and Property coverage, including hard-to-place wind coverage, for a New Jersey condo association.  This association, although inland 12 miles, was still in a Tier 1 county and obtaining wind coverage was a major concern.  Another significant challenge was the extremely tight turnaround time – we needed to place coverage as soon as possible.  By mobilizing quickly and aggressively pursuing this opportunity, we were able to secure an A rated, admitted carrier to provide the package policy, all in less than a week.

Account:  GL for Residential Builder (AZ and IL)
Premium: $950,000

NIP Specialty was successful in placing coverage for this high end residential home builder with estimated receipts of $250,000,000.  The key to writing this risk was providing one policy for the combined operations of this quality home builder.  NIP Specialty diligently worked to find a market willing to entertain such a risk. 

After extensive negotiations, NIP was able to offer a favorable CGL proposal written on an occurrence form, including hard-to-get coverage such as blanket additional insured, aggregate limits per project and blanket waiver of subrogation.  By helping to negotiate an occurrence form in two different states and competitive pricing, NIP Specialty made it possible for the agent to offer his client the right terms with an A rated market that specializes in contractors. 

Account:  GL and Excess for Manufacturer/Installer of Copper Gutters (NY)
Premium: $175,932

NIP Specialty worked out a placement for an agent working with a long time commercial contracting client whose standard insurance was non-renewed due to insurance company guideline changes.   Our casualty proposal included both primary and excess coverage on an occurrence form, including blanket additional insured, defense limits outside, waiver of subrogation endorsement, and aggregate per project.  The agent was able to offer the right terms with an A rated market that specializes in contractors within that territory.

Account:  GL & Umbrella for HVAC Contractor ( ILL)
Premium: $56,500

NIP Specialty was successful in placing an account for an agent in Illinois working on a HVAC contractor specializing in air duct and kitchen exhaust cleaning. With estimated receipts of over $2.5M for the upcoming year and a clean loss history, the significant challenge in placing this account was the kitchen exhaust cleaning portion of the risk.

After negotiating with various markets on the general liability, NIP was able to offer a favorable CGL proposal written on an occurrence form, including hard-to-get coverages like blanket waiver of subrogation, blanket additional insured, and per project aggregate. Once the GL was in place, NIP diligently worked on placing the 4M umbrella, successfully placing it with an admitted, A+XV rated carrier, with competitive pricing and broad coverage terms.

Account:  Umbrella for Military School
Premium: $76,000

NIP Specialty was successful in placing limits of $5,000,000 for this military school.  There are over 200 students and 60 employees at this facility.  The key to writing this risk was flexibility on coverage issues and pricing.  Coverage enhancements included incidental medical malpractice and excess limits over the Educators E&O policy.  NIP Specialty also negotiated the removal of the professional exclusion.  By helping to negotiate coverages and pricing, NIP Specialty made it possible for the agent to offer his client the right terms with an Admitted Market.

Account:  GL for Residential Real Estate Developer (TX)
Premium: $75,000

NIP Specialty was successful in placing coverage for a real estate developer’s spin-off company, created for a high end residential housing project with estimated receipts of $8.5 million. The key to writing this risk was providing an occurrence policy, which NIP accomplished. NIP provided extensive background information and loss history on the parent company, then worked with the carrier to offer terms. By helping to negotiate an occurrence form and competitive pricing, NIP Specialty made it possible for the agent to offer his client the right terms with an A rated market that specializes in contractors.

Account:  GL for Commercial General Contractor (NY)
Premium: $72,000

The insured in this instance was a new venture, specializing in interior renovations, with prior experience in the construction industry. Estimated receipts for the first year were over $1M, with all operations in the state of NY. NIP Specialty diligently worked to find a market willing to entertain such a risk.

After several negotiations, NIP offered a favorable CGL proposal written on an occurrence form, including hard-to-get coverage such as blanket waiver of subrogation, blanket additional insured, and per project aggregate. These coverages were imperative, as they are usually required by contract and necessary to obtain jobs. By helping to negotiate special additional coverage, in addition to keeping the pricing competitive, the agent was able to offer the right terms with an A rated market that specializes in contractors.

Minimum Premium for these classes is $25,000.