Marine, oil & gas & renewable energy sector risk

DIFFICULT. DONE WELL.

The Risk

The agent came to us in their hour of need for a Professional Indemnity excess layer quotation in respect of a specific contract that their client was likely to win. This contract was for provision of consultancy services to the onshore & offshore renewable energy sector (windfarms).

The client had a primary policy with an insurer who are a mutual and some markets will not follow them due to mutuality aspects of their policy.

The Approach

There was a substantial loss to the PI market some years ago in the renewable energy sector which has caused a lot of the PI market to shy away from these type of risks, which further restricts the number of carriers willing to consider, making policies of this type difficult to place.

The agent had already approached another large international speciality PI team who canvassed the market but were unable to obtain any terms. This put the client in a position where they were going to lose a substantial contract if they were unable to comply with the Insurance requirements within the agreement, and this would have damaged the relationship between the agent and the client heavily.

Due to the time taken by the alternative wholesale broker to market the risk, the quotation was now urgent if the client was to comply with the timeframe within the tender document.

The Result

We approached a Marine PI market who we have a long-standing relationship with. We knew their appetite well and they were happy to offer terms. A quotation was put to the agent within 24 hours of the request, and we received order to proceed a few days later.

Our market knowledge and expertise in this area, coupled with our excellent service standards allowed us to provide a quick solution and help maintain the relationship wither the agent and the client.