Mitigating challenging Property risks and maximising coverage


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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 helped secure comprehensive coverage for a multi-tenure mill.


The risk

The challenge presented to the New Business team at Miles Smith involved a multi-tenure mill, a complex industrial facility with diverse operations. The total sums insured amounted to a substantial amount, underscoring the high stakes associated with ensuring adequate coverage for potential risks.


The approach

Recognising the unique nature of the risk, the team adopted a meticulous approach. The primary policy was structured with a £30 million loss limit, strategically split between two markets to diversify exposure. This decision was pivotal in mitigating risk concentration and enhancing the overall robustness of the insurance portfolio.

To address the extensive coverage required, we engaged with multiple markets, leveraging their expertise and capacity. The next step involved sourcing excess layers above the loss limit. Four underwriters collaborated to underwrite a single layer, and building on this foundation, the team secured an additional layer.

This tiered approach allowed us to tap into the strengths of different underwriters and markets, ensuring that the coverage was both comprehensive and well-distributed. By strategically layering the excess, we not only provided sufficient protection for the multi-tenure mill but also optimised cost-effectiveness in the overall insurance structure.


The result

The outcome of the New Business team’s strategic approach was a well-rounded insurance program that effectively addressed the complexities of the multi-tenure mill. The primary policy, with its £30 million loss limit split between two markets, formed the cornerstone of the coverage.

To bolster this foundation, the team successfully negotiated with four underwriters. This tiered structure ensured that the client was protected against a range of potential losses, from moderate incidents covered by the primary policy to more severe and catastrophic events addressed by the excess layers.

The outcome reflected the fair balance struck between the client's need for extensive coverage and the budgetary considerations. The team’s adept negotiation skills and market relationships played a pivotal role in achieving this result.

This case study serves as a testament to the crucial role that Miles Smith plays in navigating the intricate landscape of insurance, tailoring solutions that safeguard their clients' interests and assets in the face of ever-evolving risks.


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

Take a look at our products and services here or get in touch with a member of our Broker Relationship Management team here to discuss how we can support you and your clients.

You can also read our previous case study on PI placement here.


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