How Servca Tackles Rising Premiums
Company Growth Increases Premiums
A growing construction firm experienced a significant 40% increase in financial growth, prompting a corresponding rise in insurance premiums.
The firm specialises in:
Reinforced concrete frameworks
Groundwork
Civil engineering
Despite assurances from their existing broker regarding competitiveness, the firm sought lower premiums.
Risk Evaluation and Tailored Presentation
Servca undertook a thorough review of the firm's operations, commencing with a meticulous examination of the insured's specific roles and contractual involvement. Initially perceived as extensive, their activities were scrutinized to reveal a clearer understanding of their contractual obligations. Through this process, Servca identified opportunities to significantly mitigate the firm's exposures.
Key areas of focus included:
Specialised expertise
Limited to temporary works on larger contracts carrying a lower exposure
Risk management practices encompassing terms and conditions and a robust Health and Safety policy
Enhancing Coverage and Minimising Premiums
Armed with these comprehensive insights, we crafted a tailored presentation for our market pack and presentation document. This presentation highlighted the firm's unique business activities and associated risks, laying the groundwork for a focused assessment of their current policy coverage and conditions. We followed the review with a thorough market analysis conducted by our placing broker, who selected specialist insurers with deep underwriting experience in this sector. This approach ensured that we could offer a competitive insurance program tailored to meet the insureds' demands and needs.
Comprehensive Protection with Lower Premiums
Servca proposed enhanced insurance terms that included broader coverage provisions for consequential loss and bodily injury.
The outcomes of our terms were as follows:
Built £10,000,000 program across six selected markets
Recommended higher policy excess for more robust and cost-effective solution
Achieved 35% reduction in renewal premium
Backed by a leading Syndicate at Lloyd's and supported by five reputable follow markets, the coverage not only met but exceeded expectations. Additionally, our strategic approach enabled the broker to secure a higher commission level, fostering a mutually beneficial relationship with a highly satisfied new client.
Our Commitment to Broker Clients
As a specialist independent broker, Servca always devotes time and care to understand the bespoke coverage needs of our clients first and then use these to shape the risk assessment and initial deep dive. In doing so, we avoid generic outcomes and often uncover critical gaps in coverage, as well as identify opportunities to better tailor bespoke solutions that work more effectively for the insured.
If you’d like to understand more about our approach, please get in touch.