Navigating complex risks in Haulage Fleet insurance renewals


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 we tackled a challenging haulage fleet insurance renewal.


The risk

The Motor Fleet Renewals team at Miles Smith recently faced a challenging renewal for a longstanding client with a substantial haulage fleet. The existing carrier sought a premium increase, a not-so-unreasonable demand given the prevailing market conditions. The crux of the matter lay in the premium deposit arrangement, where the premium was intricately tied to the loss ratio sustained over the years.


The approach

Led by Andy Brooks, our Motor Fleet Renewals team engaged in exhaustive discussions with the carrier. Recognising the need for flexibility in the current market climate, we presented several alternative renewal options. The proposals weren't just about cost but demonstrated our creativity in structuring the risk.

Despite competitive rates elsewhere, we aimed for a solution that met the carrier's requirements. Our discussions led to a renewed policy at an acceptable premium level for the client. What set this apart was the incorporation of an improved loss ratio benchmark and, notably, a premium rebate – a departure from the norm in deposit-based risks.


The result

The renewal outcome spoke volumes about our commitment to finding innovative solutions. By meeting client expectations, we demonstrated the depth of our industry knowledge and strategic acumen. The improved loss ratio and the unconventional premium rebate showcased our ability to navigate high-risk placements with confidence.

In a market where change is the only constant, our ability to adapt, negotiate and secure favourable terms, underscores why Miles Smith should be your go-to broker. The case study exemplifies not just a transaction but a testament to our proactive and client-centric approach. At Miles Smith, we don't just navigate risks; we redefine them.


Do you have a new client you are trying to win in one of our specialist areas?

To find out more about how we can support you, contact a member of our Broker Relationship Management team here.

Read our Specialist Spotlight here on Andy Brooks, Account Director – Motor, or take a look at our previous Property case study here.


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