With all that's going on, there is, of course, much uncertainty in all of our lives from a business perspective and in our personal lives; we wish everyone well and the best in this tough time.
With it now being day 14 since our team has been together, I would just like to emphasise how incredibly proud of the team we are; we have been inundated with submissions and thank our producing brokers and clients and the new partners that have contacted us for support.
Of course, we couldn't achieve the results we are without our underwriters' support, so thank you to all for your support.
We have had another week of being tested by our clients and partners with the quirky and difficult to place risks, but once again, we have performed on many accounts, and a handful is below for you to review.
Macauley received a submission for large Canadian designer manufacture and distributor of Sandblasting and associated products. The company is part of a Global group and required cover on a worldwide basis. Servca provided terms PI terms within 24 hours on A-rated Lloyds of London paper and received the go-ahead the next morning.
This week Pat received a submission from one of our Irish producers and placed an Irish land and mineral surveyor. Despite being declined locally and with limited market resources here in the London market for ROI I domicile risks, he could quote and bind within 24 hours. Importantly to the client, the coverage remained very much the same despite the usual stripping back—another happy client who can continue to trade.
Ellie received a risk last week for an Ophthalmologist who works privately but due to Coronavirus is not seeing private patients and is on the frontline for the NHS for the time being. Ellie was able to get her a quotation covering her for NHS work at a lower premium and then increase to a premium appropriate for her private practice once she has started seeing private patients again on a pro-rata basis. The insured was happy with this, and the cover will be bound in time for her renewal date.
Mac received a submission for an Electrical contracting and inspection company looking for professional indemnity cover. This may sound like a simple placement, but the firm predominately works in 'Dangerous and Explosive Atmospheres' including Docks, Offshore (Angola), Power stations, refineries, platforms, oil, gas & chemical bulk storage, petrochemical, pharmaceuticals. Servca provided terms on A-rated Lloyds paper, for a 2mil Limit, with a low deductible of 5k and no cover restrictions; we were pleased to receive the order to proceed.
Patrick received a Commercial Combined submission from one of our producers for an international clothing wholesaler. Whilst having to contend on rather competitive terms, we were able to secure a quotation which not only provided extensive cover and cover improvements on the standard coverage the existing insurer was offering, we were also able to offer a significant saving on the overall premium.
In this tough time, market relationships are crucial, as well as knowledge of where to place certain accounts; Servca is open for business and can promise to guide you through your Lloyds and London market placements whilst guiding and educating you where needed.
Please do get in touch if you require any assistance with your PI, Medical Malpractice, FI, D&O, and High-risk contractor's liability placements.
Stay safe, everyone.