-CASE STUDY
Reducing General Liability and Excess Premiums by 7.5%, plus Streamlining Policy Renewals
GC Works with Procore Risk Advisors to Create Data-Driven Submission and Achieve Insurance Rate Cuts
The Challenge
A leading California-based general contractor, specializing in multifamily, hospitality, and student housing renovations, is a trusted partner to its clients and is well known for its streamlined operations. Eager to strengthen its risk management and operations, the contractor’s management team reached out to Procore Risk Advisors. The goal: Simplify the procurement process for general liability and excess insurance policy renewals and secure competitive rates.
The Solution
Utilizing the contractor’s adoption of Procore, the Procore Risk Advisors team created a tech-driven submission, and was able to obtain a 7.5% rate drop for the customer. In addition, the broker used her construction expertise to identify and resolve a state-specific coverage exclusion to eliminate risk on projects in that state that were already underway. Finally, the broker aligned the contractor's policy expiration dates to other existing policies, enabling the contractor to streamline future renewals.
The Results:
- 7.5% Reduction in Rate for General Liability:
Despite the hardening market, Procore Risk Advisors was able to achieve a 7.5% rate reduction on the general liability policy based on the contractor’s Procore usage. - Expert Advisory Corrects Major Coverage Exclusion:
The contractor was not informed of a state-specific exclusion in their policy, which meant that multiple in-flight projects were not covered. Procore Risk Advisors immediately corrected the problem to keep the projects on track and avoid further coverage issues. - Program Date Alignment:
The contractor was frustrated with three different renewal dates and wanted all policies aligned to one expiration date, but they were previously told that this was not possible. Procore Risk Advisors was able to obtain an 18-month quote on their general liability and excess liability to align these policies with the firm’s renewal date for worker’s compensation.
LOCATION
Southwest
FIRM TYPE
General Contractor
Procore Risk Advisors (PRA) is a brand of Procore Insurance Services, Inc., a modern insurance brokerage offering Surety and Insurance products with its principal place of business at 221 W 6th Street, Suite 1800, Austin, TX 78701. Licensing Information
PRA-044-10-9-2023