Tailoring PI coverage for a thriving utilities connection provider

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 Professional Risks team recently tackled a risk posed by a need for a £5 million insurance coverage amidst contractual obligations and expansion plans.

The risk

In a dynamic landscape where the demand for utilities connection services is increasing, Miles Smith was presented with a unique challenge. The client, an independent utilities connection provider dealing with gas, water, electricity and telecommunications, had experienced exponential growth since 2021, requiring a re-evaluation of their insurance coverage.

The client had an escalating need for a higher limit of indemnity. Their existing insurance provider faltered, constrained by a cap at £1 million. However, the client was pushed by upcoming contractual obligations and demanded a robust £5 million line of coverage. This disparity in requirements presented a considerable risk for the client’s growing business, potentially hindering their contractual commitments and impeding further expansion.

The approach

Armed with a wealth of expertise, the Miles Smith team assessed the client's operations, revealing the primary areas of exposure and highlighted specific subsidiary companies that warranted inclusion under the Professional Indemnity policy.

Leveraging our in-house binding authority facilities, we created a strategic approach that seamlessly aligned with the client's unique needs. The expedited process allowed us to present a competitive quotation, addressing not only the desired £5 million limit but also providing comprehensive coverage.

The result

The cornerstone of our achievement rested on the promptness of our service and the breadth of our in-house binders' appetite. The team succeeded in navigating a complex scenario, decisively addressing the risks and delivering a tailored solution that resonated with the unique demands of the client.

The confirmation of insurance, a vital document for the client to showcase their augmented £5 million limit, was issued on the same day. The advice we provided on coverage intricacies demonstrated our keen understanding of the client's business, encouraging trust and confidence in our capabilities.

Miles Smith emerged as the pivotal partner, seamlessly aligning with the client's trajectory of growth. The £5 million limit became not just a numerical benchmark but a testament to the trust reposed in our expertise.

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

Find out more about our in-house binders and open market solutions, or read our previous haulage fleet case study. Alternatively, contact a member of our Broker Relationship Management team.