The client is a manufacturer of specialty deli meats for the North American Market. By year end, the ownership of a company was to be transferred from one party to another and HKMB HUB International was intended to become the Insurance Broker for the new organization upon acquisition. However, prior to closure of the deal, the firm to be acquired had a major equipment breakdown at one of it's manufacturing plants. The glycol cooling system, which was essential for operation of the facility, had malfunctioned and required immediate repair. Product was destroyed as a result of the malfunction.
The acquisition by new ownership nearly collapsed after this loss because the purchasers were reluctant to sign a final contract with the pending large claim. HKMB HUB willingly stepped in to assist in this claim because the incumbent did not volunteer it's services. HKMB HUB had an excellent relationship with the independent adjusters which provided reassurance for the new owners. Our team worked closely with ownership and ultimately reached a deal of $2.4 MM to settle this claim in entirety shortly after the loss.