Another week has come to an end…
We have had an excellent week, and safe to say, we have been once again tested with the weird and wonderful by our producing brokers and clients.
Patrick AKA, 'The Jack of all trades', was at it again this week; early in the week, he received Mech/Elec D&C risk, the insured works on large off-shore energy farms. Despite having been declined from its current provider, and no quotes obtained via the holding broker(s), I could obtain terms within 3 days, just in the nick of time for the insured. It is pivotal to ensure that all corners (when looking/presenting at risk) are covered during the market's current state. Any additional information does not go a far miss nowadays, so wish for some of our brokers & clients to reap its rewards. More importantly, it safeguards the insured and insurers alike; transparency is the key.
Ellie' The Powerhouse Medmal' Murphy Ellie this week from an Orthopaedic surgeon. This particular insured had previously held a membership with a Medical Defence Organisation, but when he received a claim, they used their discretionary policy and refused his representation. With this in mind, it was imperative to the insured that he trusted his broker would not leave him exposed again should he be presented with another claim.
Ellie received the full proposal within 48 hours and successfully broked and received appropriate terms with coverage deemed acceptable by the insured. The insured ultimately trusted the work Ellie and had done, and the cover was bound. The policy will go live in time for his renewal date.
Macauley was able to obtain terms for a Scaffolding contractor, the director of the business had a previous CCJ and the year before last had a business enter bankruptcy, as well as this, the firm suffered two claims, Servca were able to review the information provided, liaise with underwriters to demonstrate the risk improvements implemented and provide firm contract certain Combined Liability terms on Lloyds of London A-rated paper in 24 hours.
Patrick received another interest risk, having very little time to find placement for a gynaecologist with a "hairy" history needing cover within 2 days. He was able to source terms on time but with sufficient cover for the insurer. As working in the private sector for a reputable organisation, we need to consider minimum requirements and think outside the box to better safeguard against / mitigate further complications.
Macauley received a request from one of our producing brokers on a large electrical contractor based in the Republic of Ireland; the firm worked on data cabling stations and large power stations with ESB or Scottish Power and Facebook contracts.
The request for an excess layer to assist our broker to bring the indemnity limit up for a contractual requirement, Servca was able to provide competitive terms within 24 hours.
Excellent week again, team, and a brilliant month, record February month for us, and some great individual targets were met and overachieved.
The drive and passion we are lucky to have from our staff really set us apart in the current market.
If you are looking to work with a Lloyds broker who can add genuine value and additional solutions for you, please get in touch, and you will not be disappointed.