Company was overpaying for equipment insurance for two reasons: Their coverage only paid the actual cash value of the equipment, however, prior agent was not adjusting values down every year in collaboration with customer. Therefore they were paying insurance premium on equipment values that were much higher than the equipment was worth and the insurance company would not pay more than the actual value of the equipment at time of loss. Furthermore, the prior agent had the company list a lot of equipment under $5,000 in value resulting in a lot of unnecessary premium and administrative work keeping up with small items.
Box established a process to review the equipment values with the client each year as part of their Renewal Review. Box also got the insurance company to provide blanket coverage for all equipment under $10,000 in value and thus not requiring it to be listed at all.
Client saved over 30% on equipment insurance and did not have to track the smaller items any longer which often times change out more frequently. This also reduced the risk of something being missed and thus not covered.