Broker Be Nimble, Broker Be Quick…
how fast response can salvage a
Deal that hangs in the Balance
The ability to meet a seemingly unattainable deadline can not only save an account, but also the deal
itself. Just ask broker Chase Elliott of
Burns & Wilcox Brokerage in Chicago.
It was mid-afternoon on the
Friday that began the July 4th holiday
weekend. While many people were
heading to holiday celebrations or pre-
paring for their own guests, a group of
individuals huddled in an office, closing
a commercial real estate transaction.
The group included a Chicago insur-
ance agent who had been summoned to
the meeting at the last minute when the
buyer realized he needed a certificate
of insurance for the closing. The agent
listened carefully, and when the subject
for the Property and Liability Coverage within 20 minutes.” The cer- tificate of insurance was ready for the agent the next business day.
the seller that coverage was imminent.
The deal went ahead, contingent on the
buyer presenting documentation of his
coverage. Now the agent had to make
good on his promise.
As soon as he got in his car, the agent
called Elliott. The property’s tough
liability exposure made it a definite sur-plus-lines risk. The property had been
vacant for months but was not properly
secured, and maintenance issues made
it harder to place. Windows and doors
needed to be boarded up to prevent
vandalism, says Elliott.
It was now 3: 30 p.m., but Elliott
knew just where to call. “I made one
call to the right underwriter and persuaded him to turn this around very
quickly,” he recounts. “I had a quote
Chase Elliott can be reached at
cmelliott@burns-wilcox.com.
making connections count
how Well-placed global contacts
helped conquer a complex case
When the challenge is finding better coverage for a very complicated risk, it pays to
expand your horizons.
In this case, a broker brought a
coal-to-electricity power generation plant to Vice President of Burns
& Wilcox Brokerage, Dan Rossen,
hopeful that he could help move it
from the excess & surplus market to a
highly rated standard-market carrier.
Knowing the account was important
to the broker, Rossen tapped into his
own personal relationships and those
of his Burns & Wilcox colleagues in a
quest that led him beyond domestic
coverage providers and into the global
insurance marketplace.
There he networked with several
carriers. He finally located an under-
writer not only willing to seriously
consider the risk, but one who had first-
hand knowledge of the facility, having
performed an engineering audit on the
property while at another insurer.
Dan Rossen can be reached at drossen@
burns-wilcox.com.
