With some of the team on leave and us all being very busy whilst being in and out of the office, sadly, weekly wins had a temporary pause for our viewers.
But, what wasn't paused was the excellent results and work ethic from the team.
The team has offered many solutions to our brokers and secured some excellent bits of business.
We have also been very busy with visits from existing partners and new partners who have been put in touch with us through word of mouth and are keen to engage us as their Wholesale Lloyd's broker.
Macauley received a submission for a large steel erector and fixing company that had suffered some liability and plant claims, leaving them with an unfortunate claims history. The company had also received 2 HSE investigations in 5 years, which resulted in some risk improvements and H&S changes to be inforced.
The claims and investigations were unfortunate, and the insured showed to implement the correct measures quickly. Sadly, the holding composite insurer declined to renew.
Within 24 hours after recieving the full and completed submission, Servca provided both Contractors Liability and Contractors all risk terms. Despite the risk already being sent to 2 Lloyds brokers who declined to offer terms and 1 Lloyds broker not reverting with feedback after having the risk for 7 days. Servca secured the risk and had a very happy sub-broker.
A risk was received by Ellie this week for an Ophthalmologist. This particular surgeon was undertaking many complex procedures and had prior claims which his previous insurers had paid out on and then refused to offer renewal terms. This meant Ellie classed him as a Distressed doctor and treated the risk accordingly. Ellie spent much time hand-holding the insured and managed to build a large proposal for the insurers detailing all the claims from the insured and the circumstances surrounding them. She detailed in her presentation different ways Servca would be risk managing the insured and trying to mitigate risk for the insurers. Ellie managed to secure terms with appropriate coverage given the previous circumstances but hit a bump in the road as the insured was not happy with the policy's excess. Emphasising the risk managing strategies implemented by Servca, Ellie could bring the excess down to a suitable level for the insured.
This week, Pat engaged in a renewal of consultant neurologist within 24 hours from initial contact. Originally when presented the risk, the insured provided a rather "bland" proposal form without little "useful" information to broke with. Of course, by providing the Servca approach, obtaining more direct & detailed information from the insured, carefully illustrating what he provides as a service, Pat could bind cover with 48 hours. Pat feels this was a great risk to have worked on; neurology is an interesting field of study, so taking the time out to speak to the client and fully understand what the insured does (and doing research myself) is key to any successful broke.
Macauley received a request to provide cover for a cladding contractor specialising in detailed designs and CAD drawings who's renewal was declined due to trade.
The market is as limited as it is due to various issues surrounding the cladding sector and construction field. Servca was able to vet the original proposal form and add additional information to the submission, including contract sizes, the insureds actual role, providing the relevant qualifications and experience to underwriters, as well a copy of the insureds T&C's and highlighting the positive features it contained, Servca provided terms within 24 hours and secured the risk.