Issue link: http://palletcentral.uberflip.com/i/1390499
38 PalletCentral • July-August 2021 palletcentral.com 14. Run you own Dunn and Bradstreet and make sure it's accurate. 15. Reduce the number of extension cords. These should only be used for 90 days max. 16. Smoking. There should be no signs of smoking inside or outside. Butt cans should be used. 17. Review your website, make sure it reflects what you are really doing. 18. Policy: a. Consider a higher deductible but don't risk a lot for a little reduction in premium. b. Exclude old buildings or insure them under ACV (your agent can explain this). c. Exclude mulch and obsolete equipment. Kevin Mershimer is a Senior Sales Executive for Horton's Risk Advisory Solutions. In this role, Kevin is responsible for providing Horton clients with comprehensive, cost- effective and innovative solutions to meet their most complex, risk-related challenges. He has over 20 years of experience in writing wood based businesses. Learn more about the business at www.thehortongroup.com/ wood-products-insurance- program. d. Ensure your agent is reducing the limit on your inland marine each year. e. Be careful in reducing limits on buildings as coinsurance penalties can bite you during a partial loss. This is a very condensed list of items to help you stand out to carriers and reduce losses, so get with an agent that understands your industry and the carriers who write in it. Your risk management strategy should be three-way (you, the agent and the carrier). While shopping your insurance seems like a logical move to reduce costs, saving 15% could cost you a whole lot more if you are not with a carrier that understands your business. What we are seeing is a compilation of poor loss results, a hardening market and the effects of several carriers exiting the wood products insurance market. With fewer players, those still willing to write our industry have the ability to underwrite closer with terms and conditions that benefit their bottom line.