Full Risk Exposure Evaluation Reveals Savings Opportunities for School District

Case Study

The Request

Seeking broker with property, casualty and workers’ compensation insurance capabilities

Company Profile

Industry:  U.S. School District

A school board sought a broker with experience in all lines of property, casualty and workers’ compensation insurance. After providing a comprehensive and financially strategic proposal to help meet the district’s needs, Brown & Brown was selected as the district’s broker.

The Solution

Performed full risk exposure evaluation, appraised buildings to obtain more favorable property terms and helped implement new data management process

Brown & Brown completed a full risk exposure evaluation and discovered additional savings opportunities. Beyond finding improved solutions for insurance placements, Brown & Brown discovered that over half of the district’s structures were misclassified, causing the district significant expense. Additionally, the Brown & Brown team appraised the district’s buildings to have accurate, current values that provided the reliable secondary underwriting data necessary to obtain more favorable property terms, conditions and rates.

Finally, the team supported the customer by drafting new purchasing procedures and insurance contractor requirements and setting up a data management process for property and automobile maintenance schedules.

The Results

Over $2M in savings on property insurance, $300k in rate savings and additional savings in other district costs

After its first renewal with Brown & Brown, the company saved $2,831,000 on its property insurance, and a substantial increase in the windstorm loss limit. After reclassifying the structures, the district saw rate savings of approximately $300,000. In another instance, the team found that moving the District Builder’s Risk coverage from the district’s building and into the direct insurance marketplace saved over $200k in construction-related costs over a five-year period.

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