PayneWest Insurance Broker Colt Palmer Recognized as a 2022 Transportation Power Broker
Colt Palmer, Licensed Consultant, Business Insurance, PayneWest Insurance
Colt Palmer’s connection to the transportation industry goes well beyond the 17 years that he has served the industry as an insurance broker.
Coming from a family that owned and operated transportation businesses, Palmer has a proprietor-like perspective and industry relationships that help him deliver positive results for his clients.
Despite his deep experience, even he acknowledged that placing insurance coverage for transportation risk in 2021 was “extremely challenging.”
One such challenge came when Palmer worked with a high performing hazmat carrier that faced a substantial rating increase on their underlying auto program. Along with the looming rate increase, the company was also looking at a limit reduction in their excess tower.
In less than a month, Palmer put together a strategy that assisted the client in placing their underlying coverage into a captive facility, allowing them to increase the underlying liability limit. This effort resulted in a nearly 50% rate reduction instead of an increase, as well as a restructuring of the excess tower with full limits being restored.
Palmer’s transportation clients note he is “always looking for ways to help provide coverage in areas of concern that we might not think of with a traditional insurance company,” as one client said.
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.