Client Profile
Industry: Retail Wholesale
Specialty: Franchiser of Electronic Retail Stores
Location: New York
Claim Information
Description: One of our Insureds owns and operates several franchise locations under an Authorized Representative Agreement. The franchise company merged with another, which forced the Insured to close several stores which were too close in proximity to others. In turn, the Insured terminated the leases for those locations and incurred expenses related to rebranding the remaining locations to align with the surviving franchise. In addition, they also lost the ability to generate income in the stores which they were forced to close. Through their Captive's Actual Net Loss Insurance Policy "Loss of Key Customer" coverage, they were able to recover the income loss and expenses.
Line of Coverage: Loss of Key Customer
This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $370,000.