Millennium Corporate Solutions has created an in-house unit to assist its clientele with preventing, reducing, mitigating and controlling the cost of risk associated with doing business in today's highly regulated and litigious environment. This Cost Containment Unit is comprised of experts with 60+ years combined experience.
The Cost Containment Unit's objective is to assist your company control its Insurance and Risk related cost; whether it is preventing losses from occurring or managing the losses when they inevitably occur. Read Our Most Recent CCU Success Stories
Our Cost Containment Unit provides an effective risk management program to protect a company’s assets through a systematic process of Identification and Analysis of exposures.
How a Risk Manager will affect your company and add value to the organization:
The insured suffered substantial loss of their product resulting from the negligence of a vendor. The insured’s prior insurance broker presented and administered a claim under the insured’s first party Ocean Marine/Stock Throughput policy, which was denied due to policy exclusions. The CCU successfully disputed the first party coverage declination and negotiated a $450,000 settlement with the carrier on the insured’s behalf. The CCU also presented and administered a claim against the vendor’s CGL insurer that settled at a value of $625,000 resulting in a global net settlement for the insured at $1,075,000.
Defense and indemnification for a third party false arrest claim was denied by the insured’s garage liability insurer due to policy exclusions. CCU challenged the insured carrier’s application of the policy exclusions employed to decline coverage asserting that any existence of vagueness and ambiguity in policy language historically falls in the favor of the insured. The carrier thereafter provided defense and indemnification for the insured under Reservation of Rights and ultimately settled the claim on the insured’s behalf for a nominal nuisance value.
A potentially substantial claim was presented against the insured due to a non-industrial injury to a pedestrian at a construction site wherein the insured was the general contractor. The CCU was successful in transferring the risk from the insured by tendering the defense and indemnification of the insured to a subcontractor, despite significant pushback by the subcontractor and the subcontractor’s CGL insurer.
Employment Practice Liability
Directors & Officers LiabilityBonds
Workers’ CompensationFull and Partial Self Insurance