Could we help you win new clients?
We understand the hurdles of winning a new client as a retail broker, particularly with challenging classes and industries. Read our case study to find out how our Professional Risks team backdated Fire Safety cover for a construction company.
The risk
A construction company required Fire Safety cover for a specific contact, a crucial component due to the nature of the work. Initially, the insurance terms were prepared to provide Fire Safety cover from the inception date of the policy. However, further conversations revealed that the contract had already commenced, and the client required backdated coverage to meet the contract's obligations.
This posed a significant challenge for the team as they now had the difficult task of securing backdated Fire Safety cover for a contract that had already started. Without this adjustment, the client risked non-compliance with their contract terms, which could lead to financial or legal ramifications.
The approach
Miles Smith prides itself on tailoring insurance solutions for complex professional risks, drawing on years of expertise in wholesale broking and niche products. Leveraging our exclusive Design & Construct (D&C) product, which is specifically designed for the construction sector, we began by thoroughly reviewing the client's needs.
We initially quoted for a policy including Fire Safety cover from the date of inception, which would usually be the industry standard. However, upon learning that backdated cover was required, we took a collaborative approach. After engaging with our underwriters and the client’s agent to reassess the situation, we successfully negotiated the backdating of Fire Safety cover.
The result
Through our flexible and solution-driven approach, Miles Smith was able to secure the required backdated Fire Safety cover for the construction company. This enabled our client to comply with their contract requirements without delay or penalty.
This outcome reinforced our commitment to delivering tailored solutions for professional risks, demonstrating our capability in the open market. For both us and our insured, this was a highly satisfying result, ensuring peace of mind for the client.
Do you have a new client you are trying to win in one of our specialist areas? Contact a member of our Broker Relationship Management team.
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