Palumbo Insurance Associates
Tony Palumbo really gets around. That’s a good thing, especially for defense contractors needing the specialized insurance policies typically required by the government.
You’ve seen him at meetings and events sponsored organizations he has joined, including AUSA, Army Alliance, AFCEA, NMTC, the Bel Air Downtown Alliance and the Harford Chamber of Commerce. These groups receive his time and treasure through sponsorships, donations and service. He’s seen the world, setting foot in Africa, China, Southeast Asia, South America and several European countries to meet with clients and write customized insurance policies for them.
“Anywhere there’s a U.S. embassy, we had clients,” Palumbo says of his travels while working as president of a large insurance broker in Washington, D.C. He’s also worked for insurance companies in New Jersey, New York, Chicago and Baltimore. “In D.C., I worked with the Department of State, the Peace Corps, USAID and many other non-governmental organizations. When coverage is international, there are no set policies. Coverages are created specific to clients based on their unique needs and situation. In the States we have standard off-the-shelf policies, but you can get creative overseas,” he says, noting he worked with the biggest players in the insurance game – Lloyds of London, AIG, CNA and Chubb.
Palumbo moved his wife and three sons to Harford County in 1992, when a promotion transferred him to company headquarters in Baltimore before moving on to work in Washington. He was eventually moved to launch his own insurance agency in 2009. “After 30 years of working for other people in large businesses, I wanted to be on my own. I wanted to work in the community I’ve lived in for more than 20 years,” Palumbo says.
His timing could not have been better. Defense contractors in New Jersey were moving to or setting up satellite offices in Harford County, following more than 8,500 Department of Defense jobs and Army Commands that moved to Aberdeen Proving Ground due to BRAC. This opportunity was well suited for his background working with the U.S. government and contractors.
He started small, with his wife, Ceil, as office manager, and his youngest son, Michael, then 19. “We needed him to help with customer service, administration and IT,” Palumbo says. “He also studied for his insurance producer’s license, which he obtained in 2009.”
Palumbo chose a small office as well, in a second story walk up at 130 N. Bond St., in Bel Air. He says, “We wanted downtown Bel Air. It’s near home, and this building has room for expansion.”
Palumbo Insurance Associates has grown despite the recession, boasting a 35 percent increase in sales just this year. The business has acquired more of that available square footage, adding a conference room and an additional office. Full-time staff has grown from three to six. A marketing specialist was hired in 2012 to build a client base at Ft. Bragg, N.C. Son Edmund Palumbo, an agent and a current Marines reservist, joined the firm in 2010, followed by agent Elio Scaccio in 2013.
Palumbo credits the steady growth of Palumbo Insurance Associates to his ability to “speak New Jersey” with defense contractors moving from the Garden State and his unmatched experience writing the types of coverages they need. These include Defense Base Act coverages, aircraft products, evacuation and repatriation, government furnished equipment, professional and general liability and kidnap and ransom policies.
Scott Cheseldine, president of RSC2, Inc., which provides systems engineering, operations and technical support to the intelligence community, concurs. “Tony takes care of all my insurance needs as required under our contractual obligation as a subcontractor,” he says. “There are specific requirements set by the federal government. Tony knew exactly what it was, knew exactly how to handle it and knew exactly where to get it.”
Regional health care providers also benefit from Palumbo’s experience crafting creative, made to order insurance solutions. “We offer alternative solutions for some of the most pressing areas of concern within the health care community, such as medical malpractice, data breach/privacy coverage and medical billing protection, along with traditional coverages like general liability, workers compensation and business property,” Palumbo says.
“All the major hospital networks cover medical malpractice liability through Risk Retention Groups or self-insured captive companies. We help bring these alternative solutions and reduced insurance expenses to the little person,” he adds. Palumbo notes his company also writes homeowners, auto, life and health insurance. “Our business clients need these coverages for themselves as do their employees.” I95