11 February 2021
As we begin 2021 you will find it is still difficult to find capacity for large property risks, especially where there are adverse Underwriting features. As you may know we have specialisms in this area and are here to assist you whenever you are having problems. Here are a few examples of the many cases where we have been able to provide help and support our Brokers clients.
Property Risk Case Studies
Case study 1: Manufacturer
Pallet manufacturer trading from a single location without a fire alarm. We offered cover with an Insurer who were able to supply contact details and work with a fire alarm company that could provide urgent assistance at very short notice. We helped our Broker client win this Property risk - Premium £50,000.
Case study 2: Leisure
As everyone in our industry knows Leisure is a very difficult area right now. Our Broker client was having great difficulty in finding market support for this Hotel chain with multiple locations after the holding Insurer reduced their line to 50% from renewal date. We were able to place the remaining 50% support needed in the London market. Premium £160,000.
Case study 3: Flood risk
Flood risk – Our Broker client did well to obtain a quotation with a £10,000,000 first loss sum Insured but needed a total limit of £25,000,000 and could not find a home for this. We were able to put in place an Excess layer in the London market to provide a Limit of £15,000,000 in Excess of £10,000,000 to make up the £25,000,000 limit required. Premium £100k.
Case Study 4: Unoccupied Property
Property unoccupied pending commencement of refurbishment works. A good supporting producing broker needed our help to get cover arranged quickly as their clients were just about to purchase the property. We arranged cover at a competitive premium of £3,171 including Terrorism cover.
Case study 5: Property Owners
Property Owners with a schedule of locations including some Grade 2 listed Buildings. The individual properties each had reinstatement value below £5,000,000 which allowed us to place the whole portfolio under our Property Lineslip that is backed by A Rated Insurers. Premium £38k.
Case study 6: Property Owners
A Property Owners risk with a tenant trading as a Glue Manufacturer, premium target £14,000. Our producing broker had been to a number of composite markets with no success. We were able to obtain terms and hold covered on the same day.