Tailored Property solution for a high-risk client with time-sensitive, heavy trade challenges

DIFFICULT. DONE WELL.

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We understand the hurdles of winning clients as a retail broker, particularly in challenging classes and industries. Read our case study on how we were able to secure appropriate Property cover for a heavy trade risk despite tight time constraints.

The risk

The client, a heavy trade risk due to the processes and raw materials involved, presented a significant challenge in securing market capacity.

The existing lead insurer made the decision to reduce their line from 100% to 60%, creating a need to find a 40% follow capacity under tight time pressures.

Adding to the complexity, the existing insurer stipulated that the additional capacity had to be placed as a traditional follow rather than on a split slip basis.

The approach

Sophie Trundle, Account Advisor, worked closely with the broker to manage expectations around pricing, ensuring the existing insurer understood that the additional capacity might not align with their rate. Proactive communication with the insurer was key to gaining their agreement.

The 40% follow line was secured by layering the placement across multiple markets. This approach required careful coordination to address the existing insurer’s concerns and adhere to their terms while meeting the insured's coverage needs within a short timeframe.

The result

Despite the existing insurer’s pushback on certain conditions and terms, Sophie successfully negotiated a compromise with supporting markets by utilising their experience in sourcing solutions for hard-to-place property risks. This ensured the placement could proceed before the policy extension lapsed.

By leveraging our strong market relationships and underwriting expertise, we delivered a robust solution under significant time pressures, ensuring continuity of coverage for the insured.

Do you have a client you are trying to win in one of our specialist areas? Contact a member of our Broker Relationship Management team to learn more about how we can help.

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