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 * Trending Stories
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 * Risk Matrix
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 * Sections
   * Critical Risks
   * Risk Management
   * The Insurance Industry
   * Claims & The Law
   * Workers’ Comp Forum
   * Risk Insiders
   * Sector Focus
   * .
   * Risk Central
   * Power Broker
   * Risk Matrix
   * The Profession
   * Risk Scenarios
   * Risk All Stars
   * Teddy Award
   * Sponsored Content
 * Magazine
   * Digital Issue
   * Issue Archive
   * Subscribe
 * Conferences
   * Ergo
   * National Comp
 * Advertise
 * Subscribe
 * More
   * Award Applications
   * Newsletters
   * &BrandStudio
   * Privacy Policy
   * About R&I
   * Contact Us

NEWSLETTERS

The best of R&I and around the web, handpicked by our editors.

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RISK CENTRAL

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DIGITAL EDITION

Web replica of the print magazine.

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POWER BROKER



POWER BROKER OVERVIEW

Topics: Award Applications | Power Broker Application



What is a Power Broker?
Our goal is to broadly recognize and promote outstanding risk management and
customer service among the brokerage community. Therefore, we don’t select a
single winner but instead recognize four to six winners in different industry
categories.

Who selects the winners?
A Power Broker® is selected based upon the strength of client testimonials. Risk
& Insurance® editors and writers collect and choose the most compelling
testimonials based on the award criteria.

What criteria are used to select winners?
It is very important to note that Power Broker® is focused on recent
accomplishments. Certainly the below criteria could be demonstrated through the
arc of an entire career, but for this program we strive to highlight recent
challenges and solutions. This approach is utilized for the benefit of our
readers who most value learning about challenges and solutions to current
problems. The criteria are:

 * Risk Solution (50%): What specific challenge did a client face and how did
   the applicant/nominee solve that problem?
 * Customer Service (25%): Does the applicant/nominee demonstrate a commitment
   to primarily serve the interests of their clients?
 * Industry Knowledge (25%): Is the applicant/nominee committed to mastering the
   industry category they work in?

The focus is on the individual broker
Creativity and problem solving are critical success factors independent of firm
or account size. Therefore, neither the size of a broker’s firm nor the size of
an account is an important criteria for the Power Broker® program. We strongly
encourage all brokers to apply.

Nomination process
Applications/nominations (referred to below as simply “applications”) are
accepted from any source including a client, insurer, brokerage firm, service
provider or individual broker. In the interest of maintaining a level playing
field, Risk & Insurance® will accept no more than 100 Power Broker® applications
from any one firm or its subsidiaries. Since the client testimonial is most
important for judging, the source of the application does not impact an
applicant’s chance of winning.

We require an application form to be completed in order to capture profile
information, an overview of the problem/solution and client contact information.
Provide enough information to give our editors an overview of you and your
accomplishment but don’t feel compelled to write overly long responses. Think
concise and factual.

Important Note Regarding Confidentiality: We are very conscious of the sensitive
nature of the information provided. Client references listed on applications and
contacted by judges may choose to be on or off the record. This includes the
client name, company name and additional identifying information. All other
information on the application will be considered on-the-record unless specified
otherwise.

Judging process
Judges consisting of Risk & Insurance® editors and/or writers are appointed for
each industry category. All of the applications in a category are first reviewed
by the judges to provide an overview of the field and to ensure that the
applications are complete. Client references listed on the applications are then
contacted and interviewed.

A summary of the interview along with an evaluation form is completed by the
judge performing the interview. Once all interviews are complete, the judging
team meets to review all the interviews and evaluations. The four to six brokers
that received the strongest client referrals based on the award criteria are
named a Power Broker®.

Rising Star Designation



Power Broker® winners and finalists who are 40 years old or younger are
highlighted in the annual “Rising Star” section. Designees are determined based
on the DOB listed on the Power Broker® application. No additional application is
needed to apply for this designation.

Publication
Winners are first announced in the February print issue of Risk & Insurance®.
The information is also posted on the Risk & Insurance® website, eNewsletter,
web digital edition and iPad/iPhone Apps. A profile highlighting each Power
Broker’s accomplishments along with a head-shot is presented by industry
category.

Award Boxes
A few weeks after the winners are announced, each Power Broker® receives a box
with a copy of the print issue, an award plaque and additional information.

Download the 2022 Logo Usage Agreement and PR Statement.

2023 Application Deadline: October 21, 2022
2023 Winner Announcement Date: February 2023








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RISK SCENARIO



STORM CLOUDS OVER THE SUSQUEHANNA

In this fictive scenario, George Weaver of Jefferson Foods learns a little too
late the benefits accounts receivable insurance can bring.
By: Dan Reynolds | October 3, 2022


PART ONE

George Weaver, age 37, is a fourth-generation executive with the family
business, Jefferson Foods. He’s the CFO of a food processing business that began
as a farmstand on his great-great grandfather Franklin Weaver’s farm near the
town of Jefferson, just a few miles from the Susquehanna River in York County,
Penn.



With assets of $750 million and annual sales of $200 million, Jefferson Foods
has thrived as a supplier of canned and frozen vegetables and baked snacks to
grocery store chains and other vendors in the Mid-Atlantic Region of the United
States.

It’s a stable business. They don’t do organics, but they make a darned good can
of corn, harvested within a perimeter of a 50-mile radius from where George now
stands on the seventh tee of the Hanover Country Club.  Teeing off ahead of him
is Grady Miller, also the scion of a venerable York County food processor, Red
Lion Snacks. They do potato chips and pretzels, made with local ingredients, and
have been making money at it almost as long as the Weavers have.

It’s a beautiful late June day, not too hot, with cumulous clouds above. But
George has worries on his mind.

The global pandemic was a shocker in terms of what it did to smaller businesses
in Pennsylvania, Maryland, Delaware and New Jersey, the geographic sweet spot of
Jefferson Foods’ sales base. The bigger grocery store chains held on okay, but
many a small grocer went under, never to return. To date, pandemic-related
issues knocked out 20% of Jefferson Foods’ customer base.

Adding to it all, inflation is reaching rates George has only heard about and
never experienced as a business executive. Labor shortages are a prominent topic
of conversation when he’s on the phone with his customers.

The East hasn’t seen droughts like those that have hammered Midwestern farmers.
But what if? What if all these conditions further deteriorate and the chickens
come home to roost at the same time, or close to it?


PART TWO

George is on the phone with his banker when he hears something that worries him
even further. The banker shares the story of another well-known local business
that just saw its credit terms hardened.



This is an auto dealer. Different business with a different set of problems.
However, a number of economic factors (global supply chain issues related to
microchip manufacturing the most visible culprit, plus inventory limitations due
to the knock-on effect of lower sales volume), have caused the bank to tighten
the auto dealer’s credit terms.

The conversation with the banker haunts George, almost subconsciously.

That same week, George picks up the scent of trouble with two of his largest
supermarket clients. Customer demand is still strong, but labor shortages are
chipping away at sales volumes.

The labor issue affects Jefferson Foods in multiple ways. Farmers in the
Mid-Atlantic are struggling to find enough workers to harvest important crops
such as tomatoes, corn, green beans and potatoes.

That’s pinching the amount of processed food products Jefferson can produce,
which is eroding sales. In the past two quarters, Jefferson Foods’ sales were
off an average of four percent.

In addition, driver shortages in trucking are hampering the ability of regional
supermarkets to stock inventories. As a result, they’re not moving as much
product as they normally would, which is pinching not only their top-line
numbers, but also their cash flow.

It’s now that a move that seemed right on point three years ago seems less
glowing. Jefferson Foods borrowed $20 million in 2019, pre-pandemic, to upgrade
its manufacturing processes, including an entirely new, state-of-the-art canning
line. That debt seemed manageable back then. It’s looking less so now.

Like gathering storm clouds, within a span of another six weeks, the picture
darkens. A major grocery chain, representing 10% of Jefferson Foods’ business,
unilaterally changes its terms from 45 days to 60 days and in a few cases longer
on the payment of their invoices. The change in terms results in Jefferson
having to use its own operating line of credit to manage cash flow effectively.
Yet more bottom-line erosion!

George and the rest of the leadership team huddle. What to do? The consensus is
to grant the more lenient terms. These customers have been with Jefferson Foods
for decades. “Things will turn; we need to do what we can to keep them going,”
the team reasons.


PART THREE



It’s late September and Grady and George are where fate determined generations
ago that they should be. As the oak tree leaves turn red and the locust tree
leaves turn brown-mustard yellow, they are again on the 7th tee at the Hanover
Country Club.

This time, though, Grady can’t help but notice that George is not in a good
space. The usually even-tempered, peaceful George bears a dark, worried
expression.

Grady is going through his practice swings but then stops himself and turns to
George.

“Okay, what is it?” Grady asks the guy he’s known since they played Little
League baseball together in the fourth grade.

George looks at his friend and shares that Jefferson Foods is facing pressures
he’s never known it to face. Key customers are running afoul of 60-day terms
that were granted just three months ago.

For the first time ever, George might end up having to go to his bank in an
attempt to extend the terms of a $20 million, 10-year loan.

“Asking to go to a 20-year term with all the extra interest is going to hurt,”
George says.

Grady pauses and looks out into the distance.

“So I’m going to take a wild guess here and conclude that you don’t have any
accounts receivable insurance in place,” Grady says.

“No,” says George, feeling even more out of his depth and feeling tweaked by the
condescending tone Grady can slip into sometimes.

Grady lowers his head and resumes his practice swings, almost dismissively.

“Accounts receivable insurance,” he says again. “I think of it like an aspirin
to keep my banker’s nerves steady. You pay a manageable premium and the insurer
acts as your backstop if your customers have a case of the slows and your banker
is getting edgy. It pays for flat-out losses too if a customer goes under.

“I’ve never had to use it for that but still received a benefit,” Grady
continued. “It provides my bank comfort that I have my accounts receivable
protected and therefore, my cash flow is protected against a sudden bump in
the road caused by a customer’s default.

“It’s tailor-made for exactly what you’re going through,” Grady says.

Grady lowers his head and smacks a monster drive down the center of the fairway.
George watches the small, bouncing white ball like somebody seeing a vision in a
nightmare.

When George can finally speak, he asks, “How did you find out about it?”

“Jenks Graham,” Grady says.

Jenks was George’s doubles partner when they won the city tennis tournament in
York. Seems like forever ago. Now he’s an insurance broker in Baltimore. Doing
very well by all accounts.

Despite the worries choking him, George starts to breathe a little bit better as
he tees up his shot.

“Maybe he can help me yet,” George says to himself. “Man, I need it.” &



Risk & Insurance® partnered with Allied World to produce this scenario. Below
are Allied World’s recommendations on how to prevent the losses presented in the
scenario. This perspective is not an editorial opinion of Risk & Insurance.®

Recognizing that outstanding payments are often the largest asset on a balance
sheet, securing against a loss should be mission critical. Accounts Receivable
Insurance is an important safeguard, designed for protecting a company’s
accounts receivables.

At its core, Accounts Receivable insurance offers indemnification for an event
that results in a loss due to nonpayment, including insolvency.  However, this
coverage offers many additional benefits for companies facing circumstances
similar to those featured in this scenario.

Accounts Receivable insurance aims to allow companies to grow and protect
earnings and creates potential for enhanced financing.  Here are some real world
examples of how Accounts Receivable insurance can provide credit certainty
during an uncertain economy:

 * Extension of payment terms, with protection: allows customers to manage
   through cash crunches or slowdowns that occur.
 * Helps companies manage concentration risk: can assist in the disclosure of
   concentration in a company’s notes to financials.
 * Protects the balance sheet from a key customer default: such as suppliers
   selling to key retail customers, which could impact an income statement in a
   given quarter.
 * Protects against the non-payment by a company’s customers due to an
   unforeseen event, such as a costly Cyber loss, or instance of fraud.

By building Accounts Receivable Insurance into their program, CFOs and Risk
Managers are better prepared to secure their balance sheets AND manage risks
that are critical to their organization’s bottom line.

 This case study is for illustrative purposes only and is not intended to be a
summary of, and does not in any way vary, the actual coverage available to a
policyholder under any insurance policy. Actual coverage for specific claims
will be determined by the actual policy language and will be based on the
specific facts and circumstances of the claim. Consult your insurance advisors
or legal counsel for guidance on your organization’s policies and coverage
matters and other issues specific to your organization.

 Coverage will be underwritten by an insurance subsidiary of Allied World
Assurance Company Holdings, Ltd, a Fairfax company (“Allied World”). Such
subsidiaries currently carry an A.M. Best rating of “A” (Excellent), a Moody’s
rating of “A2” (Good) and a Standard & Poor’s rating of “A” (Strong), as
applicable. Coverage is offered only through licensed agents and brokers. Actual
coverage may vary and is subject to policy language as issued. Coverage may not
be available in all jurisdictions. © 2022 Allied World Assurance Company
Holdings, Ltd. All rights reserved.

Dan Reynolds is editor-in-chief of Risk & Insurance. He can be reached at
reynolds@theinstitutes.org.







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Share
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Risk Scenario

STORM CLOUDS OVER THE SUSQUEHANNA

October 3, 2022