Government Contracting / Aerospace and Defense
Lockton’s dedicated Government Contractor Practice consists of multi-disciplinary professionals experienced in the U.S. Federal Government Contracting, Aerospace and Defense sectors. Our associates are knowledgeable in dealing with the U.S. Government and the unique job requirements often imposed in either a Prime or Subcontractor capacity.
We realize that Government Contractors are often misunderstood by commercial insurers as complex and diverse businesses who engage in risky ventures, especially those companies working with the Departments of Defense or Homeland Security. Our collective risk management, financial services and employee benefits experience ultimately caters to our clients by recognition of the importance of:
- Market Positioning: Having identified insurance markets and underwriters familiar with your business, we stress the stability and existing strong risk management practices already in force.
- Industry Knowledge: A strong understanding of your true exposure to loss, as well as emerging trends in procurement, Department of Defense spending, and the potential implications of the "Government Contractor Defense," means better negotiation strategies and the most comprehensive and cost-effective risk transfer program available in the market.
- Procurement Expertise: We work closely with your contracts personnel to ensure compliance with Government and prime contractor requirements. In addition, we "speak their language" and work side-by-side with our clients when faced with audit challenges from the DCAA. Lockton offers Contractual Risk Management educational sessions for our clients as well.
- Mergers & Acquisitions: Increased Government outsourcing has fueled growth in mergers and acquisitions as larger companies look for complementary businesses to access untapped agencies or markets. Conversely, smaller contractors may access private equity or venture capital to scale their business in order to level the playing field with their often larger competitors. Lockton provides valuable pre- and post-closing services such as:
- Risk Management and Employee Benefits Due Diligence
- Pro-Forma Risk Management and Employee Benefits Cost Projections, including loss analysis
Your company will benefit from our expert advice in:
- Directors & Officers Liability (IPO, Public and Private Company)
- Miscellaneous Professional Liability and Errors & Omissions
- Defense Base Act, USL&H and Jones Act
- Products Liability
- Network and Media Liability
- Property and Cargo
- Risk Identification and Assessment
- Consultative Risk Control (including Risk Control Consultant with Security Clearance)
- Business Interruption and Contingent Business Interruption Analysis
- Coordination of Foreign Operations’ Exposures
- International Program Design and Management (Master Controlled)
- Specialty Risk (Business Continuity Planning, Emergency Evacuation, Business Travel Accident, Kidnap & Ransom, etc.)
- Contract Review
- Claims Advocacy
|
|
|
|
|
|
"Getting insurance for what we do is not easy. Lockton knows how to design programs with the level of protection we require. It’s about a safer world, and by working with business partners like Lockton we enable our scientists and engineers to carry out that good work."
- Jeff Purdy, Director, Insurable Risk and Investment Management, BAE Systems, Inc.
|
|
|
|
|
|
Click here for a list of the types of companies we work with*
*For best viewing, make sure you have a recent version of
Acrobat Reader.
Lockton Service
Service starts with listening. We take the time to understand your specific goals, design a program that fits your needs, aggressively negotiate coverage, and implement a service plan. You will have the same dedicated service team throughout the entire process which allows us to anticipate your needs and create accountability.
It’s all about you. As a private, family-owned company, all our Associates focus solely on you, our client, rather than public shareholders.
Long-term thinking. Clients stay with us based on our expertise, creative solutions, seamless global resources and outstanding service. Our client retention rate of 95 percent reiterates our commitment to each and every client.
|
Success Stories: |
|
A strategic move increases Products Liability coverage and cost savings
Following a successful Request for Proposal process, Lockton’s Government Contractor team was presented with a challenge by a large Aerospace and Defense company to come up with creative renewal options within two months. The team assisted the risk manager with identifying the markets most comfortable with difficult-to-place Products Liability exposures, yet possessing the understanding of how the “Government Contractor Defense” worked. The expiring program negotiated by the incumbant broker excluded Products and Completed Operations coverage. In addition, the Lockton team was faced with integrating into the upcoming renewal a complex platforms manufacturer that would almost double the company’s size.
Throughout the course of our dialogue with the client about the program and relationship with their Third Party Administrator (TPA), our team proposed moving the account from the office where it was currently handled to one that we knew handled the larger peers of our client. This simple logistical move resulted in not only the client retaining its business with the incumbent carrier and TPA, but also close to $1 million in fixed cost savings and the inclusion of Products Liability cover.
|
 |
|
Related Insights & Publications: |
|
|
Management Liability Issues for Government Contractors
Written by Dennis Love, Jr., Lockton Financial Services
|
|