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An Unpleasant Surprise
A networking company experiencing rapid growth and expansion outside of the United States felt its current broker was not keeping pace with its changing profile. The client was assured their indigenous exposures were being well handled and placed. Yet, they were concerned about compliance with the local laws as well as adequate coverage. They turned to Marsh, just to be sure.
We evaluated their program and reported these findings:
- The property values were underinsured by approximately $20 million
- There were no locally admitted policies in place.
- None of the loss control surveys that the client was told had been conducted had actually taken place.
We were able to identify the program deficiencies, quickly resolve and communicate with our network and report accurate information within a short period of time. The client was able to gain a clear picture of the issues with their foreign subsidiaries and provide solutions to problems that had previously been unknown to them.
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