SBCA Members Can Save 15-40% on Insurance Premiums
Originally published by: SBCA — June 29, 2015
The following article was produced and published by the source linked to above, who is solely responsible for its content. SBC Magazine is publishing this story to raise awareness of information publicly available online and does not verify the accuracy of the author’s claims. As a consequence, SBC cannot vouch for the validity of any facts, claims or opinions made in the article.
SBCA is pleased to announce it has teamed up with Lockton Companies and AmTrust Insurance to create a proprietary commercial insurance program for its membership. This insurance program is for all traditional lines of coverage – Property, General (Product) Liability, Commercial Auto, Umbrella, and Work Comp lines.
Based on Lockton’s initial comparisons with a beta group of component manufacturers, they found that the rates they will be able to offer through this program are some of the lowest that can be found in the marketplace, representing anywhere between 15-40% savings on annual premiums. In addition, many commonly found exclusions have been removed while the terms and conditions have been expanded, giving component manufacturers most significant coverage in vital areas at an overall lower cost. To top things off, there is an impressive, potential dividend for all qualifying lines that will be available to participants once the asset threshold is met.
SBCA has worked hard over the past year to develop this partnership with Lockton and AmTrust as a way to provide real, monetary savings to its members. The significant savings on insurance premiums is made possible only through the way in which this program underwrites participants. Consequently, the longevity and success of the program will be reliant on participants maintaining acceptable loss-run rates.
As such, SBCA, Lockton and AmTrust have established comprehensive criteria for program participants, including participation in industry-specific best practices that have been developed, used and proven effective by component manufacturers across the country. These best practices have been bundled together in the new and improved SCORE program. By implementing well-established industry best practices focused on product quality, production safety and risk management, program participants are taking actions that ultimately should result in lower incident and claim rates.
If you would like more information on this insurance program, please contact Lena Giakoumopoulos (or by phone at 608-310-6705).