Another busy week at Servca is coming to an end, with many submissions with a wide variety of insurance classes.
Our PI brokers Pat and Macauley have been flooded with D&C submissions both Primary and Excess Layers due to the daily changes occurring with premiums through the roof, additional terms being applied and insurers declining renewal offerings. As well as D&C we have seen a wide variety of professions.
Our Medmal team has also been flooded with new enquiries due to the specialism we offer with Ellie kept very busy and our Managing Director Edwin and Pat, who soaks up the additional Medmal submissions when needed.
In addition to the above, we have seen some large property risks, heavy commercial combined's and Standalone Terrorism risks.
It has been a great week, and our top 5 cases this week are as follows.
A risk was received by Ellie this week for a Consultant Surgical Urologist. The risk was received early Monday Morning with a renewal date of 1st February. The enquiry was received and handled and the full Proposal forms reached us by lunchtime. The risk involved complex procedures, including using Robotic devices; she researched and reviewed the case thoroughly and learned the benefits and risks behind using such devices. Servca managed to put a presentation explaining the risk and exposure, and we had received competitive terms with extensive coverage by Wednesday Morning. Servca could get terms within 48 hours of receiving the proposal, whereas their current broker was yet to give them renewal terms. The cover was bound, and the policy will go live in time for their renewal date.
Servca was approached yesterday by one of our partners regarding a large construction project being undertaken in the heart of London. The insurer quoting the CAR policy hadn't included Terrorism insurance, and they were only able to offer an additional policy on 12-month terms. Macauley received the submission yesterday afternoon and turned around a quotation for 3 hours; CQC terms were issued the next morning for a 24 month period to fulfill the contract needs at a more competitive premium.
Pat was approached by a heavily distressed Doctor, being declined by all the mutual insurers after heavy restrictions being enforced by the IMC & GMC due to a compliant made several years ago. The insured struggled to find a placement within the market. However, after speaking to the client and asking what he has done to reduce these circumstances to arise again, the correct risk management was implemented following our advice. We were able to secure the insured a policy to begin practicing privately.
Macauley received a submission for a D&C PI risk for a large building contractor with some minor cladding exposure. The holding composite insurer declined to renew the risk due to the turnover and a change in appetite. We could issue Contract Certain quote terms within 24 hours for a 5mil line with A rated cover, with a 15% saving on expiring terms offered and with one primary insurer.
Patrick received a submission following a meeting with a new producer for a new venture crane engineer. Despite the insured having a wealth of experience working within the industry, when he initially approached local brokerages, they could not provide any terms. After speaking with us, we requested the additional information needed to highlight his experience within the field, enabling the insurers to understand better the lack of risk he really presents them. Contract Certain terms were issued within 48 hours with 2 competitive solutions provided for our insured to review and make the ultimate decision on
Excellent week again team, if you are looking to work with a Lloyds broker who can add genuine value and additional solutions for you, please get in touch.