At Specialized Insurance Services, Inc. we work hard at work for our clients. Clients come to us with a problem or we locate a problem for them and we solve it. The examples listed below are commonplace in the commercial insurance market, yet they go unnoticed by most business owners, even many agents and brokers. Your company may have a problem with one or more of its policies (improper coverage limits, outdated property coverage, NCCI rating errors, misclassified personnel, etc.) and you may not know it until it is too late. Below are a few industry examples of the types of services we offer.

Municipal Water Treatment Authority
Policy Analysis and Bid Project: A public water treatment authority hired us to review their current property insurance policy. Their rate appeared high considering most of their property consisted of concrete construction, and much of which was under water. Through further analysis we surmised and suggested to the water treatment authority that is was an appropriate time to bid their insurance portfolio.  They agreed and ended up saving $14,000 in annual premium.

Public Mental Health Service
Audit Analysis: A mental health service hired us because they were facing a tremendous increase on their workers compensation renewal. We analyzed their workers compensation policy and discovered classification inaccuracies. We recommended the proper corrections, their insurance carrier agreed and as a result the mental health service’s renewal premium went from $195,000 to $75,000.

Private University
Bid Project and Claim Negotiation: A private university hired us to develop specifications and bid their property and casualty insurance renewal.  Through careful analysis of what coverage the university required and soliciting bids from qualified brokers we saved the university over $16,000 on their annual premium. They were so pleased they hired us on a retainer basis. A few months afterwards a truck making a delivery heavily damaged one of their buildings and did not cooperate with the claim settlement. We assisted the university strategize and negotiate through this dilemma and within two weeks they received a check from the truck owner’s insurance carrier for the full damage.

Heating and Air Contractor
Renewal Negotiation: Specialized Insurance Services, Inc. is an independent insurance agency, which means we are legally able to represent any number of insurance companies in the marketplace — and we do. As our clients’ insurance policies renew we strive to match them, coverage wise and price wise, with the best available insurance company or companies. We do not simply let our clients renew with their existing policies and coverages- things change, insurance companies change focus, merge, pricing fluctuates, etc. A recent example: a client's workers compensation insurance policy came up for renewal and after receiving a renewal offer from the incumbent carrier we decided to see what other quotes we could come up with from our list of available markets. We received a more competitively priced quote from another company, moved the policy and saved the client $17,021 on their renewal. Looking out for our clients’ best interests, not the interests of our insurance companies, is our top priority.

National Council on Compensation Insurance (NCCI) Rating Error Correction: A referred client contacted us asking us to quote their commercial insurance policies. Gladly we accepted and early on in the quoting process we noticed the client’s workers compensation experience modification factor was rated incorrectly. This problem was due to incorrect loss data sent to NCCI from the client’s previous workers compensation insurance company. Working in concert with the client and NCCI we corrected the error, reducing their experience modification factor from 1.31 to 1.17, translating to $17,127 in savings for the client. NCCI rating errors go largely unnoticed by policyholders and industry professionals. By analyzing past audits, policies, loss data, NCCI reports and using industry software, we are able to determine rating errors and figure out what actual, correct experience modification factors should be before we even approach NCCI about possible errors.

Excavation Contractor
NCCI Rating Error Correction: Due to complications regarding a previous sizeable claim another client’s workers compensation experience modification worksheet was rated incorrectly. Working in concert with the client and NCCI we corrected the error, reducing their experience modification factor from 1.36 to .92- translating into $61,200 in savings for the client! Not all NCCI rating errors are this drastic, and even if they were they are still difficult to notice. Depending on the size of a company’s premium, even in situations where an experience modification factor is high by only 2% to 4%, it can still be a very costly error.
A similar example: we discovered another client with an NCCI rating error. Working with the client and NCCI we corrected the error and reduced their experience modification factor by 4%- that 4% translated into $2,770 in savings for the client.

Community Services Board
NCCI Rating Error Correction: An existing client, a community services board, received an enormous increase on its workers compensation experience modification factor. We analyzed their NCCI worksheet and ran reports using custom experience modification software and realized that several claims had been reported using the wrong loss amounts. We corrected the errors through NCCI, which lowered the community services board’s experience modification factor by 31 points and reduced their premium by over $40,000.

Bid Project: A Virginia-based Community Services Board asked us to bid their business auto insurance for their fleet of vehicles.

•	We developed a Request For Proposal (RFP) on behalf of the client.
•	Independently sought proposals from credible agents and brokers.
•	Collected and analyzed the proposals.
•	Made recommendations to the Community Services Board on which proposal was a best for their organization.
•	They accepted our recommendation and reduced their annual premium by more than $21,000.

Real Estate Management Company
Market Search: A referred client asked us to locate insurance quotes for their apartment community in Virginia. We searched our available markets and were unable to find a proper fit for the apartment community. We tapped our network of business partners and located an insurance company that focused on this particular style apartment community as a core competency. We procured a solid, competitively priced quote and reduced the clients property and liability premiums by over 20%, saving the client $25,000 their first year. Specialized Insurance Services, Inc. does not claim to have every single market tied up in the insurance industry. What we do have is a thorough understanding of what coverages are available and which companies provide them. If your company has a tough time finding hard-to-get coverage, put us to work and we’ll do our best to find your company the coverage it requires.

Golf and Country Club
Renewal Negotiation: A client received their renewal on their commercial package. Unhappy with the price, yet happy with the coverage and the company, we negotiated down their renewal pricing and reduced their annual premiums by over $12,000. We focus on the best interests of our clients, not the interests of our insurance companies.

Public School System
Bid Project and Negotiation: A client self-insures their workers compensation program and uses a Third Party Claims Administrator (TPA) to handle claims. Specialized Insurance Services, Inc. was hired to prepare bid specifications and release an RFP to qualified bidders seeking proposals for the client’s claims services. After securing numerous proposals from several TPAs, we recommended to the client that the incumbent retain the account; however, due to Specialized Insurance Services, Inc. involvement in bidding the contract and negotiating the TPA fees, the client’s price dropped by 12% annually. We also negotiated the waiving of an additional $7,500 administration fee on behalf of the client.