Risk management support for a waste recycling facility

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 our Renewals team provided risk management support ahead of renewing a complex risk.

The risk

Our Renewals team was faced with a challenging case involving a waste recycling facility. We had been handling this account for a couple of years, and during a routine survey last year, significant issues were identified. The client was found to be in breach of numerous conditions, raising serious concerns about the facility's risk profile.

Our surveyor's assessment highlighted several critical risk requirements, many of which had been flagged in previous surveys but remained unresolved. These unaddressed issues posed substantial risks, not only to the facility's operations but also to its insurance coverage, putting the client in a precarious position.

The approach

Understanding the urgency and importance of rectifying these issues, we embarked on a comprehensive and collaborative approach. Over the past year, our team worked diligently with our agent and our experienced surveyor, given that this was the sole waste account managed by our agent. The strategy involved the following key steps:

• Frequent site visits: Our surveyor conducted numerous site visits throughout the year to monitor progress and provide real-time guidance. These visits were crucial in identifying ongoing issues and ensuring that corrective measures were being implemented effectively.
• Detailed risk assessments: Each visit included thorough risk assessments, where our surveyor meticulously evaluated the facility's adherence to the recommended risk requirements. This process ensured that all previous deficiencies were being addressed systematically.
• Close collaboration with the client: We maintained an open line of communication with the client, offering continuous advice and support. This collaborative effort helped in fostering a sense of urgency and importance about meeting the required standards.
• Actionable recommendations: Our surveyor provided specific, actionable recommendations tailored to the facility's operations. This practical approach enabled the client to understand and implement the necessary changes more efficiently.
• Progress tracking: We closely monitored the implementation of the recommended measures, providing feedback and adjustments as needed. This iterative process ensured that the client stayed on track with the required improvements.

The result

The sustained effort and collaboration led to a remarkable turnaround in the facility's risk profile. By the time of the most recent survey conducted in May, the facility's risk rating had improved from below average to average. This significant enhancement was a testament to the diligent efforts of our surveyor, the commitment of our agent and the cooperation of the client.

The improved risk rating had several positive implications:

• Renewed coverage: The facility's insurance coverage was successfully renewed, providing the client with continued protection and peace of mind.
• Normalised excess: The excess, which had been a concern due to the previous high-risk assessment, was returned to normal levels, reducing the financial burden on the client.
• Full coverage: With the risk now at a manageable level, full coverage was reinstated, ensuring that the facility was comprehensively insured against potential risks.

This case highlights Miles Smith's dedication to working closely with clients to achieve and maintain high safety and compliance standards. Our proactive approach, continuous support and effective risk management strategies, not only helped in turning around a challenging situation but also reinforced our commitment to delivering exceptional service and safeguarding our clients' interests in the competitive Lloyd's and London Market.

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.

Find out more

• Our Waste and Recycling facility
• Specialist Spotlight: Jessica Evans, Account Advisor
• Case studies
• News and articles