Complex PI placement for a distressed architect risk
DIFFICULT. DONE WELL.
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 helped secure a complex PI placement for a distressed architect risk.
We recently received a new enquiry for a UK domiciled architect with an ongoing claim. The insured has a large fee income and works on projects with large contract values. Instantly, we knew it would be difficult to place, but not impossible!
Knowing our insurer’s appetite and upon review of the risk profile, we were quickly able to establish the right markets to approach, despite three other Lloyd’s brokers already being active in the London Market with the risk.
We quickly obtained alternative terms with much wider cover including, but not limited to:
Improved fire safety cover
Less restrictive language around basements
A lower excess
Once we’d obtained these terms, we were able to work quickly and efficiently sourcing alternative excess layers following our better primary layer and up to the required total of a £10M limit of indemnity. These excess layers were also very competitive compared with the existing renewal terms.
Understanding the demands and needs of the client was of paramount importance given the contractual warranties from past completed contracts. Our understanding of the risk, tied in with our market knowledge and service levels, allowed us to obtain instructions for our sub-broker and ourselves.
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