New Fabricator's Insurance Program Offers Competitive Pricing and Wide Coverage [INACTIVE]
June 22, 2006 From American Institute of Steel Construction
A new insurance program endorsed by the American Institute of Steel Construction, Inc., is designed to help fabricators gain greater control, price stability and lower costs, while also enjoying value-added management services, according to a presentation at the recent Central Fabricators Association meeting.
“The idea is to get you to the point where you have the buying power of a Fortune 1,000 company,” explained Robert Barrese of the Assurance Agency, the broker administering the program. “At that point, a variety of exciting options open up, including the formation of a Risk Purchasing Group (RPG) or an employer- or association-owned captive.” Assurance Agency offers workers’ compensation, general liability, auto, property and marine and excess liability coverage through a menu of insurers who are focused on specific segments of the AISC membership. “These specialists can provide the most competitive pricing and coverage terms today while allowing Assurance to aggregate and track premiums and losses, thus building the buying power that will take us to the next step,” Barrese added. “More important are the value added services that will help members control losses.” Among the services Assurance Agency can provide to members who purchase coverage through them are:
- Claims Advocacy - Assurance claim professionals represent clients with insurers at formal claim reviews or with specific issues. Assurance claim staffers have helped clients reduce millions of dollars in claim reserves and have walked clients through the most difficult situations.
- Loss Control - Assurance Safety Consultants can augment or even manage insurer safety services to assure relevancy to your business. In addition, in the future Assurance will be working with AISC to help at an association level with safety policy statements, manuals, protocols and procedural advice.
- Contract Review and Certificate Management - Members are constantly being asked to provide certificates of insurance or name clients as additional insured’s. At the same time members should be maximizing opportunities to get similar protection. This transference of risk needs to be managed and tracked by insurance professionals. Assurance is positioned to help clients set standards and to track those certificates.
- Coverage review - Are limits and coverage adequate, what do others in the business carry? Does the professional services exclusion eliminate coverage for connection design work? These and dozens of other questions need to be answered by insurance pros who know the steel business and who have broad experience with difficult coverage lines.
As AISC president Roger E. Ferch said in announcing the program earlier this year: “We have, through our endorsed agent, negotiated favorable terms with a variety of specialty insurers. This menu approach will allow us to better serve members and build buying power. Please consider this program for your next renewal”.
An application is available at www.aisc.org/insurance. For more information on the program, please contact:
Gary Peterson 847.463.7296
For more information contact:
VP of Communications
American Institute of Steel Construction
The American Institute of Steel Construction, headquartered in Chicago, is a not-for-profit technical institute and trade association established in 1921 to serve the structural steel design community and construction industry. AISC’s mission is to make structural steel the material of choice by being the leader in structural steel-related technical and market-building activities, including: specification and code development, research, education, technical assistance, quality certification, standardization, and market development. AISC has a long tradition of service to the steel construction industry of providing timely and reliable information.
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