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Crane & Rigging Case Study – Overnight Parking Loss

When a claim occurs, how does your current insurance broker guide you through the process and drive positive outcomes? Claims are frustrating, and when they occur it can be chaotic and stressful. However, you need a claims management plan in place before the claim occurs and an experienced partner to act quickly and decisively, as this is critical for mitigating the impact of the claim to your business. Claim payments and reserves are the largest factor when determining your insurance premium and have a direct impact on your reputation in the construction industry. You need an experienced partner that has the tools and resources to ensure you have a claims management plan in place to mitigate the claim as soon it happens. A proactive risk management approach means reduced insurance costs, and protection for your business assets and reputation.


How Does the Acrisure/IBTX Risk Management Program Drive Positive Claim Outcomes? Preparation!


The Acrisure/IBTX risk management program in action

The Scenario: Crane client was at a job site and due to permitting delays from the property owner, they job could not be completed in one day. Crane company was instructed where to park the crane overnight. The next morning (Friday), we discovered that the crane had fallen through the parking lot, due to structural issues of the parking lot.


Decisive action:


The Result: We were able to perform a full investigation quickly and determine fault, or lack thereof. The risk management plan was effectively executed since members of the claims management team were previously identified. The property owner attempted to hire our engineer, but was unable to due to the proactive measure taken. The crane was repaired quickly and paid for by the equipment insurer. With liability determined and strong risk transfer in place via the work ticket, we were able to transfer the cost of this claim to the responsible parties. In addition to keeping loss dollars off of our client’s policy, the insurance carriers view our client in a very positive light. We were able to demonstrate that our crane client was not a fault and that we have the risk management protocols in place to positively impact claim outcomes. What could have been a negative, was actually seen as a positive from the insurance carriers, given we were able to quickly respond and mitigate the impact of the claim and illustrated that our client is a best in class crane risk and highly desirable from an insurance risk standpoint.