Restaurant Chain
Restaurant Chain Enjoys 30% Reduction in Letter of Credit Requirements for Casualty Program.
case study as a PDF
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Our Client |
A public company based in Minnesota that operates a chain of more than 90 family restaurants in 24 states and the District of Columbia.
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RJF's Results
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- Negotiated a 30% reduction in outstanding Letter of Credit Requirements
- Full catastrophic coverage with significantly lower premiums
- Fully integrated key RJF people into the client's overall risk management operations
Details:
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Our Client’s Dilemma
Three months prior to renewal of their outstanding letter of credit (LOC), the restaurant owners decided it was time to re-examine their risk management situation. Therefore, they hired RJF as their risk management advisor. Over a three-week period, RJF met several times with key team members to garner a complete understanding of the client's operations and risk management needs. Additionally, our loss control team visited and evaluated two stores.
Together we established three primary goals:
- Reduce the client's outstanding letter of credit (LOC) requirements for their casualty program.
- Secure the best possible property coverage and pricing. (Their exposures included significant catastrophe-prone areas.)
- Analyze and evaluate how the client managed risk and incorporate key RJF employees to act as their risk management arm.
RJF’s Near-Term Solutions
RJF took over property and casualty insurance responsibilities and began working as the client's risk management team.
The Results:
- Negotiated a 30% reduction in outstanding LOCs, resulting in significant out-of-pocket insurance-related savings.
- Developed and delivered a comprehensive property program with full catastrophic coverage, which resulted in significantly lower premiums than the client’s most optimistic expectations.
- Fully integrated key RJF people into the client’s overall risk management operations. After only three months, the client stated they felt as though they were enjoying the benefit of two or three in-house risk management employees.
RJF’s Continuing Service
Our primary service person visits their office weekly. In a very short time, RJF has earned the status of a trusted insurance and risk management advisor.
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