Swift placement of multifaceted Property 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 our New Business team swiftly placed cover for a large site with multiple units.

The risk

We were recently presented with a challenging risk that required urgent attention. The client was in the process of purchasing a large site comprising multiple units occupied by various tenants, along with some unoccupied units. The total sum insured was approximately £6.5M across the entire site. The sale was imminent, and insurance was a critical requirement for the completion of the transaction.

One of the tenants posed a significant challenge – their activities involved the shredding, sorting and baling of mixed waste. This high-risk operation ruled out many of our brokers' local and composite markets, necessitating a specialised approach.

The approach

Understanding the urgency and complexity of the risk, we took a strategic approach to secure the necessary insurance coverage.

• Step 1: We focused on the unit occupied by the waste management tenant, recognising that its high-risk activities required specialised underwriting. We placed this particular building on a Waste facility which is specifically designed to handle such high-risk operations.
• Step 2: Next, we addressed the rest of the portfolio. By thoroughly gathering and analysing details about the separation distances between the waste unit and the other unit blocks, as well as the occupancy status of each unit, we were able to mitigate concerns about potential risk exposure to the other units. With this information, we approached a property market that was comfortable with the identified separation and occupancy details to insure the remaining buildings.

The result

Through our focused approach and swift action, we managed to place the entire risk within a week. This enabled the client to secure the necessary insurance coverage and complete the property purchase on schedule. Our ability to navigate the complexities of the high-risk activities and find suitable coverage options ensured that the client's transaction proceeded smoothly and without delay.

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

• Property solutions at Miles Smith
• Specialist Spotlight: Sophie Trundle, Account Advisor
• Case studies
• News and articles