In 2016, the Southeast Alaska Power Agency (SEAPA) learned about a new property insurance program available exclusively through Wortham Power Gen Insurance and Hometown Connections designed specifically for public power generation operations. Hometown Connections is the utility services organization for public power. Although SEAPA officials were not displeased with their property program or insurance broker, the national public power program offered potentially significant expansion in scope and coverage and other improvements.
SEAPA issued a formal Request for Proposal for property insurance following SEAPA’s standard procurement policy and utilized the independent third-party risk management consulting firm, G2 Risk Consulting, to provide an objective analysis of results. SEAPA determined that the public power program offered numerous improvements in coverage which were sufficient to support a change in the property insurance placement.
These improvements included but were not limited to:
- 50% increase in the overall per occurrence limit of protection
- 33% reduction of the per occurrence base deductible
- 60% reduction of the transformers per occurrence deductible
- 80% reduction of the minimum earthquake deductible
- 80% reduction of the minimum flood deductible
- Multi-year (2 years) policy to lock-in favorable terms and conditions
- Increase in numerous sublimits
- Addition of Coverage for submarine cables with a significant sublimit for no additional premium
We are very pleased to add SEAPA to our growing list of clients in the Power Generation sector.
For More Information
David Weed, CIC
Wortham Power Gen Insurance
About Wortham Power Gen Insurance
Since 1915, Wortham has managed its clients’ insurance needs with a comprehensive portfolio of services, including insurance brokerage, risk management and employee benefits consulting. As one of the largest privately held insurance firms in the U.S., the Wortham team of more than 500 insurance professionals has placed more than $1.4 billion in premiums through 300+ insurance companies worldwide. Wortham experts create the right insurance solutions for unique business requirements and deliver strategic risk management services and resources critical to business success. For more information on Wortham Power Gen’s public power programs, visit HERE.
About Hometown Connections
Formed jointly by five public power joint action agencies, Hometown Connections, Inc. is a non-profit utility services organization offering public power utilities guidance and access to quality products/services from a trusted entity with public power’s best interests in mind. Hometown Connections is a resource to public power systems large and small, facilitating access to technology, services, and other solutions from industry-leading companies. For more information, visit HERE.