Lockton literally helped save a company’s business. With less than three weeks from policy expiration, the company’s insurance broker had told them that they would not be able to offer renewal terms for the policy. The company’s carrier would not renew, and the broker was not able to find replacement coverage. The company was faced with closing their location if their environmental policy was not replaced, so they asked Lockton for help. Lockton found replacement coverage by approaching carriers that had not even been approached previously. Our creative approach, knowledge of the marketplace and persistence kept this company in business.

With less than 48 hours notice, a real estate development company contacted Lockton in need of an environmental policy to close on a large property acquisition. If the policy wasn’t in place, the lender wasn’t going to provide the funds for the deal. Lockton reviewed the environmental site reports, contacted underwriters, and had the insurance in place and binder ready to go for the closing. Less than a month later, the same company called and needed a binder in four hours for another closing. Undaunted, the Lockton team had the coverage needed in time to close another acquisition.

An attorney called and said, “The deal is going to fall apart if you can not get this done!” A regional supermarket chain was selling several locations, then leasing them back from the property management group. The lender required dedicated insurance limits for each site with special language. Several of the sites had historical environmental issues that had to be covered for the deal to go through. Lockton worked with four groups of attorneys: the seller’s, the buyer’s, the lender’s and the carrier’s. That, in its own is quite an accomplishment. The deal held together because Lockton structured a program at significant premium savings that met the requirements of the lender.

Lockton facilitated the a sale of a real estate portfolio valued more than $1 billion using Environmental Liability policies to transfer risk. This allowed the sale to take place without expensive and time consuming Phase I environmental reports for all of the locations. The client was thrilled that the sales proceed efficiently and faster than it could have otherwise.

An environmental remediation contractor specializing in disaster response was unclear about their insurance coverage. They suffered from a disjointed insurance program with two brokers who were unresponsive, preventing the company from winning new projects. They turned to Lockton in search of better service, expertise, and a more efficient and comprehensive insurance program. Lockton analyzed coverage and identified numerous gaps. Lockton consolidated the renewal date, reduced the number of carriers and bolstered coverage. The client also benefitted from reduced pricing, with a 25 percent reduction on professional liability, offsetting an additional audit premium due to increased revenue.