Good Morning; we hope you are doing well and looking after yourselves.
With another week in motion and us coming to the end of the first quarter of the financial year, the days and weeks are flying by at the moment! I know for our team, with us all as busy as we are, we are noticing this more than ever!
We have had a record-breaking start to the year and are continuing to be flooded with new enquiries of which we are finding solutions for and turning round quickly and meeting our broker's deadline requirements.
On Friday, Servca received a submission from a supportive partner of ours for a large Utility and Civil Engineering risk, Cover was required for CL/ Excess PL and CAR by close of play; the firm had an open claim and was expecting considerable growth for the year to come. Terms were provided by 5 pm Friday, and Cover was bound yesterday to allow them to start on site today.
Pat was able to turnaround and supplied some terms for a large regional insurance broker who previously carried 10mil but was only offered 2mil at renewal; Pat could source and arrange an 8x2 layer with ease to secure the limit they needed to meet their requirements.
Servca has also continued to receive several Civil and Structural engineering risks, which we have been able to considerably improve on dependent on the client's requirements. We have improved both Cover and premium and at times offering terms at an increased premium but on a considerably broader wording at a small additional cost.
Alongside our usual Construction and Engineering PI risks and Liability Servca also have bound terms for a growing IT and cloud-based network provider, a business that imports shipping containers and then manufacture these into smaller bespoke container products, a Laboratory-based PI risk, specialising in the review of minerals and chemicals to the Oil and Gas sector - UK, UAE, Canada, and US exposure, Standalone Contractors all risks policies and Recruitment PI!
Ed has also been kept very busy looking after some ambulatory care risks, clinical trials and life science accounts, large Medical Malpractice accounts for Clinics and Entities.
In addition to the above, we have also seen some uptake on smaller and larger Excess PL policies as it seems many insurers seem to be dropping their line sizes at renewal.
We thank our brokers and underwriters for the continued support and wish everyone a good week and the rest of the month!