Insurance savings

06 May 2008

This year, SC&RA celebrates the tenth anniversary of its member Insurance & Risk Management Program. From the beginning, this program has been exclusively administered by Special Risk Services Group (SRS) and distributed through local agents and brokers. SRS offers the only insurance program endorsed by SC&RA, and only SC&RA members qualify.

Insurance issues always have been – and always will be – a high priority for our members. SRS has stood by them through a number of hard insurance markets, when it otherwise would have been difficult to find cover at any price. During soft markets, when insurance companies go on feeding frenzies for premium dollars, SRS maintains competitive pricing and quality. Unlike companies that capriciously enter and exit the marketplace with little warning, SRS stays aware of the special needs of our industry and works with members to better understand and satisfy their insurance needs.

In the crane and rigging sector of SC&RA membership, the program is exceptionally strong. More than 260 member companies get customized protection by selecting from various coverages, including workers' compensation, general liability, business auto, and property/inland marine. They can purchase millions of dollars of additional protection with umbrella liability coverage.

For 2005, we made four significant program enhancements for SC&RA crane & rigging members:

&Squf; The program has been awarded a US$ 5 million excess riggers underwriting program to provide additional on-hook protection over the previous inland marine coverage, including loss of use

&Squf; we have been awarded complete underwriting and quoting authority from AIG for 25 power units and under to service the commercial auto needs of members and their agents.

&Squf; SRS has negotiated an efficient, dedicated facility that will offer competitively priced umbrella options to SC&RA member agents as part of a custom package for crane and rigging members, as well as heavy haulers

&Squf; enhanced claims handling by adding four dedicated claims professionals for front-end claims reporting, field investigations and litigation control.

With regard to transportation, our program has grown considerably since its introduction in 2004. Fifteen companies already participate in this program, and significant growth is anticipated in 2005 after negotiations with additional specialty transportation insurance markets, giving members more options.

Still another new program is products liability coverage for SC&RA's allied industries members. Also under serious consideration are plans that would enable owners and employees of SC&RA member companies to save money through group discounts on their personal home and auto policies.

To date, insurance products available through SC&RA have been targeted to North American members, but the Association wants to offer coverage to members all over the world. It helps a great deal that SRS already works on behalf of two premier insurance companies with a very strong international presence: AIG and Lloyd's of London. In pursuit of policies for international members, we are researching the possibility of establishing relationships with other companies, including Allianze and Chubb.

Tell your agent to try the SC&RA program at your next renewal. With this program, members are better able to maintain their relationship with existing agents, and your agents still make standard commissions – a win/win formula for all parties.

Some tell us that the money saved by purchasing SRS insurance products rather than competing products more than offsets the cost of SC&RA membership. Easy applications are available on the internet at www.scranet.org and www.specialriskservices.com.

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