Does Your Current Agent's "Industry Program" Really Cover Your Needs?

Industry: Landscaping Exposure: $10 million

Coverage Benefit: Added Herbicide and Pesticide Coverage and Changed Equipment Actual Cash Value to Replacement Cost

Savings: $58,000 or 52%

Insurance Problem

A local landscaping company that has been in business for over a decade had been insured by an agent with a special landscaping insurance program. Feeling their agent hadn't done his due diligence in regard to pricing, the landscaper reached out to Swingle Collins & Associates for a review of their current coverage.

Upon our review, Swingle Collins & Associates found the landscaping company had been woefully underinsured on their property coverage. Also, their contractor's equipment policy was covered on an actual cash value basis rather than replacement cost, they were missing herbicide and pesticide coverage on their general liability policy, and this so-called landscaping insurance program was actually overcharging them for the coverage they did have.

Risk Management Solution

Swingle Collins was able not only to obtain the herbicide and pesticide endorsement the insured needed, but also to cover the contractor's equipment on an replacement cost basis and increase their property coverage by 20%. Because the insured had had no losses and Swingle Collins did their due diligence in front-line underwriting, the insurance carrier agreed to add all of these coverages and charge $58,000 less than the insured had been paying.

Results

The insured was highly appreciative of what Swingle Collins was doing for them. Three weeks after hiring Swingle Collins, the landscaper suffered a significant loss to their equipment, all of which was now covered on a replacement cost basis. In this one loss, their new policies with Swingle Collins saved them thousands more dollars.

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