So, what's new? Not much, we all still work in insurance… sadly I mean, wait, what…
Of course, I am joking before I upset any of my insurance colleagues.
We have had a very successful week and our clients and brokers have certainly kept our brokers on their toes as always. With plenty of D&C risks and Engineers flying around and a large amount of Medical professions with several different specialties being seen by the team
We have seen in the PI team Petro-chemical engineers, Fund administrators, large solicitor excess layer programmes, electrical engineers working on water schemes, Insurance brokers, and Vanilla HVAC and Air Conditioning.
Our Medical malpractice team has seen distressed dentists, gynecologists, students, neurosurgeons and plenty more in addition to the above.
Further to the above, we have provided terms for high-end product distributors and manufacturers under tailored commercial combined policies, D&O for various professions, and Cyber.
It has been a great week, and our top 4 cases this week are as follows.
A risk was received by Ellie this week for a Fertility Clinic. The risk was received early Tuesday morning with a renewal date of 9th February.
Ellie received the full proposal back from the Insured on the same day and had an extensive presentation built by close business, including depth into all treatments and procedures they were offering. Ellie had to overcome a hurdle regarding the clinic offering Fetal Scanning but she managed to overcome this with an appropriate exclusion that satisfied both the insured and the insurer. Ellie managed to broke the risk and received terms through a Lloyd's of London Insurer, which was more competitive than their current policy within 2 working days from the insured's first contact. They were happy with the terms she provided and decided to trust her and moved to Servca after 10 years with their previous broker. Cover has been bound and the policy will go live on the 9th of February.
Mac received a submission early in the week for a PI risk that the holding market was non-renewing. The insured undertook Electrical and Mechanical engineering services but this included prototypes for Ancillaries for Hybrid electric vehicles and completely electric vehicles. Manufacture of these products, battery management systems, thermal management systems, and small electric motors, one of their main contracts was Jaquar. After numerous face to face appointments with underwriters due to the complexity of the risk, Servca provided terms near enough at the expiring rate despite the 20% growth the firm had in the prior year.
Ellie received a risk on Tuesday for a General surgeon performing some Bariatric procedures. Bariatrics is a difficult area to receive terms on, but she managed the clients' expectations and received the proposal from them the next day. There was a bump in the road for her after she managed to get terms of £5,000 more competitive than their current policy but the excess was too high for the insured. Ellie was able to speak to the Underwriter and bring the excess down to satisfy the insured.
Pat managed to broke an extremely distressed architect with a large cladding claim, basement
exposure, all within central London. After liaising with the client to obtain further information than what was initially presented to me, he could make a full presentation to our board of insurers. Due to the size of the claim, most immediately declined, however with perseverance, he could secure terms within 48 hours. Terms were presented in good time and bound this week, the holding market had declined to renew, and without Pats help, the insured and his broker would have been left in limbo with no cover.
Excellent week again team, if you are looking to work with a Lloyds broker who can add genuine value and additional solutions for you with a friendly, personal, and pleasant service, please get in touch.