Willis Towers Watson Broker Michael J. Perron Recognized as a 2019 Utilities Power Broker
Michael J. Perron, Power Generation Lead, Willis Towers Watson
“We own and operate a large cogeneration power plant built nearly 30 years ago,” said one company president. “The generator was working fine, but was old and recommended for replacement.
“A test led the manufacturer to recommend replacement of the stator, which we chose not to do for economic reasons. The property insurers wanted to exclude coverage associated with it. However, most policies tie [generators and turbines] together in their exclusions, so our carriers intended to exclude the turbine as well.
“The turbine is by far the most important piece of equipment in the plant, and we would not purchase insurance if it were not covered.”
The client lauds Willis Towers Watson’s Michael Perron for working with third-party engineering companies and underwriters “to ensure that all parties understood the exposures.
Most carriers initially would not provide coverage for the turbine, seeing the generator as ‘bad.’ However, Mike and his team were able to demonstrate that the turbine is not directly coupled to the generator.
“Thus, it was unlikely that a generator event would impact the turbine. Further, they challenged insurers to name one generator event where a similar test finding led to a turbine event, and those polled could not. Ultimately, several insurers agreed to provide the needed coverage to the turbine.”
For another client with an outstanding claim, Perron got coverage with only a modest premium increase.
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.