Managing multiple insurance brokerages can lead to overlapping programs, gaps in coverage, and inefficiencies. A commercial and residential property developer faced these challenges with separate brokers for Employee Benefits, Private Risk Management, and Property & Casualty insurance. Kapnick stepped in to provide integrated insurance solutions for developers, streamlining their coverage and delivering innovative remedies.
PRIVATE RISK MANAGEMENT: STREAMLINING COVERAGE
The developer’s private risk management program had inadequate liability limits, uninsured assets, and overlapping coverage.
Kapnick’s Solution:
- Consolidated the insurance program to simplify billing and renewals.
- Broadened coverage by transitioning to a high-net-worth specialist insurer.
- Conducted replacement cost assessments and eliminated coverage gaps.
- Introduced a Personal Group Umbrella policy with enhanced coverage and reduced costs.
- Provided loss prevention counseling and background checks for domestic staff.
EMPLOYEE BENEFITS: ALIGNING STRATEGY
The developer’s employee benefits program faced outdated documentation, manual processes, and a lack of alignment with long-term goals.
Kapnick’s Solution:
- Conducted a thorough contract review and recommended updates.
- Streamlined the Open Enrollment process to ensure compliance and reduce administrative burdens.
- Designed flexible benefits to encourage thoughtful plan selection and reduce overutilization.
- Developed a long-term benefits strategy aligned with business goals.
- Reduced benefits expenses and provided customized HR training.
PROPERTY & CASUALTY: CLOSING GAPS AND REDUCING COSTS
The property and casualty program had uninsured assets, high property rates, and no formal safety protocols.
Kapnick’s Solution:
- Replaced existing carriers and redesigned the windstorm deductible provision.
- Broadened coverage to include previously uninsured exposures.
- Reduced overall premiums by $550,000.
- Rolled out a behavior-based workplace safety program.
- Created specific claim handling processes and protocols.
Want to Learn More?
Kapnick’s integrated insurance solutions for developers can help streamline your coverage, reduce costs, and eliminate inefficiencies. Contact us at to explore how we can assist your business.
