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Marsh Broker Michael Marcum Recognized as a 2024 At-Large Power Broker

Topics: At-Large

Michael Marcum, Senior Claim Advisor, Marsh

Michael Marcum, CPCU, ARM, AIC
Senior Claim Advisor
Marsh, Chicago

When food and beverage ingredients provider Ingredion approached Michael Marcum to help resolve a property claim, he knew he had his work cut out.

To start with, his client had been dealing with a pending property claim arising from severe wind damage to its manufacturing plant in Iowa since August 2020. The adjustment process was made harder by the structure of the program, with the quota share between one prominent insurer and other domestic and London markets.

In this vein, the prominent insurer had used a staff adjuster, while the other markets had appointed their own independent adjuster. At the same time, Ingredion was contemplating selling its damaged buildings to a third party before the loss. Several buildings were in a state of disrepair prior to the loss, which made determining damage caused by the wind difficult.

The client had also made changes to a cooling tower, so the actual costs incurred and time to replace it were based on theoretical versus actual figures. Total incurred costs were just over $5 million, and the claim submitted was more than $7 million.

But the insurers offered almost $1.4 million less than the costs incurred. Marcum negotiated with the other markets’ adjuster, and the markets raised their final offer by almost $300,000 to reach an agreed settlement.

One client said, “Mike has been outstanding in servicing our account over the last 20 years. His coverage knowledge is second to none and I rely on his expertise in this regard even beyond an actual loss scenario.”

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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 have 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.

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