Aon Broker Timothy McCaffrey Recognized as 2019 Construction Power Broker
Timothy McCaffrey, Senior Vice President, Aon
Zachry Construction Corp. faced coverage disputes over a series of claims against a policy, according to Erika Kilgore, director of risk management. After Timothy McCaffrey resolved those issues, he helped Zachry identify carriers willing to “to ensure coverage clarity before a claim occurs,” Kilgore said.
In a months-long process, McCaffrey and his team first edited policy forms to develop coverage for losses such as “contractors continuing expense and idle equipment resulting from a builder’s risk event,” said Kilgore. Then McCaffrey assembled a team from Zachry’s and the carriers’ legal, risk management, claims and underwriting departments to develop language, pricing and terms, she said.
Another client noted it faced substantial builder’s risk insurance challenges with a multi-year project involving a concentration of high-value risks in a CAT-exposed area.
All the insurance options could have resulted in “huge cost swings in the wrong direction if we could not get the insurance market to commit to a multi-year program at guaranteed rates for the full term and which was scalable to the situation,” the client said.
Despite a global search, the market that was expected to come through did not, the client explained. However, “Tim had a couple of alternatives well-prepared and ready.” The result: $5 million in savings compared to more traditional market pricing, sufficient coverage for natural catastrophe losses and a rolling master program that better enables the development team to establish budgets and project plans.
What is a Power Broker?
A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they delivered over the past year. While brokers play many key roles in the insurance industry and risk profession, a Power Broker® award recognizes problem solving, customer service and industry knowledge.
Our goal is to broadly recognize and promote outstanding risk management and customer service among the brokerage community.
Who selects the winners?
Power Brokers are selected by Risk Managers based on the strength of the testimonials they provide to a team of 15 Risk & Insurance editors and writers.