Case Study

Client Seeks to Improve Coverage, Gets More Than Just Insurance

  • The client suffered losses from a hail event.
  • While the claim was paid, the funds could not be found.
  • Although we were not the Broker of Record (BOR) for this client, we were dedicated to finding the missing claim payment and addressing any additional malfeasance.
  • We were awarded BOR after assisting our client in finding the funds, addressing internal fraud, and finding additional claim money owed.

The Challenge

Our client, owner of a 55-building, 494-unit condominium complex, had incurred extensive damage from a hail event. While the client had documentation that they had received a claim payment for $714,000, the money could not be found.

The Solution

The Symphony REACT team started with budget and financial statements. In this review, we located the $714,000 claim payment. Our review discovered the client’s property manager had placed these funds into a CD, in their name, and was collecting interest. 

The Symphony REACT team didn’t stop there. Our team reviewed the client’s loss runs and learned the prior agency closed the claim process before settlement of the claim. Our team re-opened the claim and received a payment of $359,000 on behalf of the client. Finally, we diligently reviewed the claim settlement of the 55 buildings and discovered two math errors in favor of $22,000 to the client. In total, we  identified $1,095,000 in funds returned to the client. 

The Outcome

This particular case is one where our Symphony REACT team demonstrated skills that went beyond simply quoting a line of insurance.

Examining the financial statements led to a financial solution for the community, which was done before being named as the broker on the account. Broker of Record was immediately awarded to our firm for its efforts, and it has yet to be challenged.