About us
Case Studies
Personal Risk Management
Double indemnity
An extremely fragile $100,000,000 collection posed a special dilemma for one client. Housed in Los Angeles, the collection had suffered several costly breakage losses, some from the 1994 earthquake. Though paying $200,000 a year to insure, they still didn't have full earthquake coverage. They needed protection from loss AND a lower premium. The situation required a creative solution. Momentous contacted an out-of-state museum. We arranged to have its director and curator of collections fly to L.A. and pack the items. We then transported them to the museum where they're now safely kept—free from earthquake risk. The collection is now fully insured for less than 20% of the original premium. And the client is delighted.
Escrow under fire
In October 2007 there were many Southern California communities being affected by wildfires. Governor Arnold Schwarzenegger declared a state of emergency in seven California counties where fires were burning. More than 1,500 homes were destroyed and over 500,000 acres of land burned from Santa Barbara County to the U.S.–Mexico border. Homes were in danger. A client was closing escrow on a home in Valencia, an area heavily affected. Even though the area was shut down for new business, Momentous got in touch with a senior underwriter at the insurance company who knew the area. We were able to convince her that the location of the home was in a minimal exposure area and she agreed to place coverage even though the area fires were still burning. Our client closed escrow without a hitch!
In a bind
A business manager called in a panic. He had just acquired a new client whose coverage was scheduled to renew the next day through another broker who was in New York and required money to bind. All existing coverage was in surplus lines markets. We were able to review the risk and place the coverage the same day with an admitted carrier that had better rates and reduced the premium by 31%. In addition, we were able to greatly augment coverage – we eliminated the surplus lines issues, increased coverage for Loss of Use, back up of sewers and drains, and negotiated no brush or alarm warranties, as well as full earthquake coverage rather than minimum limits.
Upon closer inspection
We were uncomfortable with the value of a client’s estate in St. Barts, so we came up with a solution to broaden the valuation provisions – which was to insure the home at “extended replacement cost.” In order for this coverage to be made available to our client, an inspection was required. However, the insurance carrier did not have the capability to inspect at this location. We made special arrangements to perform the inspection and convinced the carrier not only to allow this, but to foot the bill! We achieved a level of comfort in knowing that the client’s estate was insured to value.
Teamwork Saves the Day
One of the many value added services that Momentous provides to clients is on-site risk management. One day while working onsite at a business management firm, the managing partner of the firm dropped a large client file on the Momentous employee’s desk. The partner explained that he was going to lunch with the client in one hour and was in urgent need of an updated summary of insurance as well as several quotes for Earthquake, Collections, and requested that we move the auto policy to more superior insurance carrier. As soon as the partner walked away, the Momentous employee called another Momentous team member and explained the situation. They quickly divided and conquered the work and were able to quickly pull everything together, delivering a brand new up-to-date summary along with all of the quotes just before the partner’s lunch meeting. Our team based approach saved the day!
Commercial Risk Management
Protection from multiple risks
A client's Learning Center was a location to be used exclusively as a school by the client and limited associates. Not only was basic coverage needed but also sexual harassment and corporal punishment. Momentous began the submission process to carriers. After a few searches, one was identified. A quote was offered with the requested coverage and bound promptly to the client. Since then additional coverage has been secured to include a $5 million umbrella and to cover field trips. Thanks to the dedication and willingness of our risk management team, every one of our clients' requests was satisfied.
Complex coverage on a tight deadline
A client was purchasing an advertising agency and contacted Momentous on December 28th. They urgently needed general liability, property, and workers' compensation coverage in place by January first. The client's main concern was the placement of the workers' compensation and the time restraint in working with the State Compensation Insurance Fund. We began placing calls to our carriers immediately. We got a quote for all coverage to our client by December 30th. The client, having expressed gratitude for a job well done, asked us to find coverage for a production company through our Film & Television Department.
Teamwork and carrier relationships
We received an email from a real estate prospect that they’d like to transfer their insurance account to us. This is usually great news, especially for a program totaling $300,000 in premium. The challenge was that this email arrived on Thursday morning, and the renewal date was on a Saturday. Authorizations to transfer an account usually takes the insurance companies 10 days to process, so we knew we’d have to move smart and fast. We rallied our team to make this a priority account for the next two days, and to be prepared to provide over 40 renewal certificates if we could get the account recognized in time. We contacted our underwriters and received a verbal ‘OK’ and then contacted the client’s lenders to get the updated certificate information. Initial certificates were sent out on Friday using the expiring policy numbers so there would be no problems. Then, once we received confirmation and the replacement numbers the following week, revised certificates were mailed. By coming together as a team to resolve this issue, and having solid relationships with our carriers, we were able to make the transition quickly and smoothly for our client.
Film & Television
A reprieve after hours
A client called late on a Friday evening in desperate need of coverage for a new motion picture project. They had employees flying to China on Sunday to begin scouting locations and actors starting complex martial arts training first thing Monday morning. Insurance companies were closed for the weekend. However, Momentous was able to contact one of the underwriters at home. She negotiated terms for the insured on a Saturday and issued coverage on Sunday. The client was able to proceed with their project without delay.
Insuring the uninsurable
A client wanted to use an actor who was difficult to insure. All the standard insurance companies had previously denied coverage for this artist. Momentous understood how important artistic integrity was to the client and wanted to ensure that they could use the actor they wanted. After a thorough evaluation of the role and the actor, one of our representatives was able to convince a carrier the risk was worth taking. The client went on to make a very successful movie using the actor they thought was perfect for the role.
Alternate reality
Our client came to us with a concept for a reality show that would be difficult to insure, mainly due to a number of dangerous physical tasks that the participants would be asked to perform. All of the entertainment insurance companies were reluctant to consider insuring this show. As we did not want to halt the creative process and change the concept of the show, we sprang into action. One of our representatives organized a meeting with the insurance underwriters, loss control expert and production executives to discuss how the show could become insurable. We improved the participant agreements, modified the stunts that each participant would perform, increased safety guidelines and required loss control prior to any performance. In the end, the client went on to produce their TV series and air it on a major television network.
You’re going to film where?
A documentary producer called to request insurance coverage for a project. Simple enough... until we learned that they were traveling to sanctioned, hostile and unstable regions. Our representative immediately sent her an article that discussed insuring a film abroad, as well as a link to the U.S. State department website to gain insight about the regions they wanted to film in. We then provided risk consultation and suggested that they find reliable sources of security, interpreters and accommodations. In addition, we placed Accident, Death and Dismemberment, Medical Expense and Kidnap and Ransom coverages to protect the film crew. We are happy to report that the production was completed without any incident and the production released theatrically.
Music & Touring
A holiday party quick fix
An emergency call was made to our office during a client's holiday party. Unfortunately, the club where the party was being held demanded a certificate listing them as additional insured before they'd serve any alcohol. As 75 guests sat around drinking soda and water, one of our brokers was able to go onto his home computer, access his account, issue a certificate of insurance, attach it to an e-mail addressed to the bartender, and send it off. Within minutes, alcohol was pouring into glasses held by happy party guests.
Multiple exposures
Three distinguished clients joined forces to form a much larger enterprise. They presented Momentous with the challenge of insuring the new company, while maintaining coverage necessary for each individual entity. From past experience, we knew it was possible to combine personal and commercial insurance exposures in the entertainment industry. Our staff rallied. Through teamwork and strong relationships with carriers, we presented viable options to each of our clients, giving them the best coverage to suit their complex needs.
Going the extra mile
A commercial client made a staff change and the new employee handling their insurance had received correspondence relating to a residential property. She came to Momentous for guidance on how to respond to the document. We looked it over and determined that the residential property had forced unsuitable insurance on our client. We went the extra mile and wrote a new homeowners policy for them. We've since included a floater to their personal lines program.
Filling in the missing pieces
One of the toughest types of Touring claims is an equipment claim. Because when there’s a loss, it is virtually impossible to get clear records of all the purchased and/or rented equipment which are needed in order to conclude the claim. One situation arose in which an adjuster was not in possession of the information she needed and the business manager became concerned that the claim was not getting resolved. With the business manager's assistance, we were able to reach the tour manager while on tour and obtain the years purchased and makes/models for some of this equipment. We received only one receipt; however, due to our excellent relationship with the carrier and this particular adjuster, we were able to convince the adjuster to agree on a negotiated settlement based on the information we received. After we spoke to the business manager we were able to conclude the settlement amount of the claim in one day! The insured received only about $1,000 less than they had requested and the business managers were very pleased with the outcome.
Life, Health & Disability
That's life insurance
An independent film company was securing a large loan with a myriad of lenders. Each lender required several million in key-person life insurance on the two principal owners of the production company. Each lender's legal team had to review and approve the application process and final policy wording. We were able to keep all parties satisfied that the terms of their respective deals were met. We successfully wrote the life insurance coverage and were able to expedite the underwriting process to finalize the policies in time for the loan to fund. Now our client can “green light” and produce their projects, coming soon to a theater near you!
Claims to fame
A client asked whether we had a claims auditor to review their medical and dental claims files. They wanted to be sure that all claims were being processed accurately and within the time-filing guidelines of their insurance carrier. We sent our VIP Medical Claims Analyst to our client’s office to review all medical and dental claims files, and she was able to recover $50,000 of unpaid claims that had not been processed correctly. With the help of our analyst’s expertise, we were able to make our client happy by showing them that their claims are now being handled appropriately and in a timely manner, as well as providing them with necessary tips on how to properly file future claims.
Missing identity
A client called late one Friday evening from an urgent care center regarding their sick infant. The client had just enrolled in the health plan and had not yet received insurance ID cards, so the urgent care facility refused to see the child and the client was turned away. Desperate and fearful, our client called our office for assistance. A Momentous team member was able to conduct a three-way conversation with the provider, the insurance company and the pharmacy to verify our client and child’s eligibility. The providers were satisfied, and the baby received the care it needed.
A-List Asset Protection
Momentous Insurance Brokerage designed a personal disability policy for one of Hollywood’s A-List actors. The disability experts at Momentous worked with the client’s business manager to customize an income replacement disability policy that offered meaningful benefits based on the actor's ability to earn an income. The policy would pay the actor a multimillion dollar aggregate benefit in the event of a disability, and to adequately cover the actor's affluent lifestyle, the policy was structured to pay a large monthly stipend. If after 60 months the actor was deemed permanently disabled, they would receive a lump sum tax free payout to cover loss of future earnings. Momentous was able to streamline the underwriting by using the same medicals they used for the actor's latest film, and they were able to have the business manger verify the actor's salary, to avoid submitting typical financial verification to the carrier. This was just part of the overall financial planning that Momentous provides its unique and talented clients.
Claims
To file or not to file
One of our business managers called us to report a "record only" injury at their client's residence. They had full knowledge that the injured person was burned pretty badly, however, the client insisted that we do not file a claim with the insurance company, as they were not certain this person would pursue anything against them and didn’t want this incident to show on their claim history if nothing came of it. We certainly try to keep our clients pleased and follow their instructions; however, since we know we’re dealing with a potentially severe injury, we had a duty to notify the carrier as soon as possible, to ensure our client was properly protected. We contacted the business manager and explained the exposure at hand and the consequences of not filing, which include: monetary penalties for the client, the possibility that the carrier could reject the claim due to late reporting, or taken issue if/when their investigation is prejudiced by a late report. The business manager was still reluctant; however, he agreed to discuss it with the client and they finally agreed with us that it was in the client’s best interest to report the claim. As we anticipated, a claim did arise, filed by a domestic employee. The carrier paid nearly $60,000 in medical bills and indemnity relating to the injury. As client advocates, we always provide proper guidance, even if the advice isn’t always what our clients want to hear.
Sports Division
Closing the gap
A professional baseball contract for a Momentous client excluded certain high risk activities and hobbies. Our life and health department worked with the athlete to determine the high risk activities in which they participated, and offered a solution to cover those activities under a disability program, thereby closing the gap in the contract and protecting the athlete’s income.
Going the Extra Yard
After being declined by several insurance companies for his personal insurance coverages, a very prominent NFL player and his team of advisors contacted Momentous Sports Division for assistance. The insurance companies considered the player to be a “high risk” due to a combination of his high profile, lucrative contract and young age. In an effort to combat this assessment, our Personal Lines team worked diligently with the athlete and his financial advisors to create a presentation that would clearly demonstrate why the insurance company should insure this particular athlete. The presentation provided detailed insight on trends and statistics, and further empirical data related to high profile athletes. After we presented this to the insurance company, they reconsidered their original assessment of the risk and offered terms to the athlete, who is now our client.
A Momentous Save for a Soccer Player
A Los Angeles based business manager had a client who was moving to England to play on a premier soccer team. After a complete financial analysis with the business manager, the experts at Momentous noted that the player’s contract overseas is not guaranteed and will only pay up to one year for a career ending disability. Momentous was able to secure a policy that paid an additional tax free benefit of $225,000 in the event of career ending injury. The policy also had an additional accidental death rider for $625,000.