Industry Specialties

Marine

The global maritime industry continues to confront unprecedented challenges from all sides - environmental liability, terrorism risk exposure, crew shortages, rapidly rising operating and capital costs, and many more. Marine insurer financial solvency standards have placed an additional burden on insureds’ cost of risk, and the already complicated nature of Protection & Indemnity insurance requires an exceptional level of professional knowledge and experience. GRP staff expertise encompasses all areas of maritime risk and insurance, including ocean and inland cargo/delay in startup, stevedore and ship repairer, drydocking and dredging operations, marine hull and liability, and more.

Utility

Gas and electric utilities, independent power producers, transmission system operators, non-profit cooperatives – all have different risk appetites, regulatory constraints, growth strategies, and business structures. Contract analysis is a major element of the utility risk management process, spanning activities as diverse as foreign equipment procurement, power purchase agreements, rights of way, rate tariffs, asset purchase and sale contracts, and tree trimming agreements, just to name a few. Comprehensive contract review, though a time-consuming and often cumbersome process, brings clarity and definition to risk allocation, and rightfully deserves equal priority with insurance marketing and placement. Thorough contract analysis prevents significant and potentially adversarial consequences in the overall risk management process.

U.S. utilities now face their greatest challenge ever, the threat of global warming from power industry greenhouse gases. The near future holds a myriad of new choices and constraints, as the industry will evaluate its response to carbon capture and storage initiatives, new generation source planning and construction, fuel price volatility, and the re-emergence of demand side management. Collectively, the GRP team has nearly seventy years of utility industry brokerage and risk management experience, and is actively developing workable solutions to our clients’ key issues.

Energy

The new American energy industry will transform traditional methods of construction, operation, and product delivery. Domestic energy independence, environmental stewardship, renewable sourcing, and carbon management all bring new opportunities to U.S. energy companies. The GRP staff is closely involved in two particularly promising industry sectors – the new generation of nuclear plant development, and the introduction of large-scale coal gasification technology in the U.S. The complexity of engineering and construction planning, equipment performance modeling and guarantees, fuel sourcing and delivery, and government economic incentives, are just some of the factors bringing first-of-a-kind challenges to risk management. Our approach “begins at the beginning”, meaning we collaborate with our clients from the earliest stages of project feasibility analyses, counterparty letters of intent, and initial regulatory filings. This type of close, continuous involvement, serves our projects especially well when the project development requires insurance program design and placement. The GRP professionals consider it a privilege to be contributing to such highly innovative and risk-taking industry sectors.

Brokerage Operations

Global Risk Partners insists on managing client/insurer relationships as true three-way partnerships. Our clients effectively “own” their insurer relationships, and we encourage direct communication and information exchange between clients and insurance company representatives. A substantial portion of insurance capacity in our industry sectors is provided by mutual insurers. These relationships are essentially permanent, meaning the frequency and quality of broker/client/insurer communication establishes the value created for all parties.

Our professionals have significant experience in successfully handling complex and contentious claims, difficult engineering and loss control recommendations, insurer personnel changes, and virtually any other post-placement service issues that arise in the course of our service delivery. Under no circumstances does Global Risk Partners seek or accept contingent or override commissions, and our revenue disclosure procedures are straightforward and transparent. Our Broker Service Agreements are tailored specifically for individual clients, and are always based on the highest standards of professionalism and personal trust.

Global Risk Partners, LLC
2 Trans Am Plaza
Suite 260
Oakbrook Terrace, IL 60181

Phone: 630.261.6300
Fax: 630.261.6975