Renewal Time Crunch
New Day’s broker partner won a large chemical manufacturer/blender account several weeks before renewal. The challenge was to renew a manuscripted site pollution liability policy that included cost cap coverage for a remediation site. With time a concern, New Day conducted a detailed review of the coverages and the remediation project. Working with the carrier, underwriters and underwriting engineers, New Day participated in a client meeting to discuss options to either purchase the 5-year optional extended reporting period (ERP) or to seek renewal of the site pollution coverage. When the carrier declined to offer either ERP or renewal of the cost cap coverage at the remediation site, New Day again analyzed options for keeping coverage in place for the locations on the policy.
Drawing on its engineering, consulting and remediation experience, New Day participated in an engineering survey conference call and further negotiated with the carrier. It was determined that based on the complexities at the covered locations, including pending claims and a potential claim, New Day was able to work with the client and the carrier in placing the 5-year optional ERP.
Because of the technical expertise and intellectual capital brought to the client by New Day, the client has requested that New Day now work on a possible portfolio policy to cover locations worldwide.