A Martin Bunzl Ltd
Wholesale Trade
Excessive Premium?
It was clear from the initial confidential assessment that the premium levels being paid were excessive.
Confidential Solutions Ltd were worried that if the insurance market became aware of the current expenditure, then there would have been less motivation for alternative insurers to provide their very best price. This was because a ‘good’ price would probably be ‘good enough’.
As such, confidentiality in the review process was crucial to avoid the market being exposed by the current broker (should they mount a defensive move) to the current levels of premium being paid.
Go Confidential
A Martin Bunzl Ltd agreed price objectives with Confidential Solutions Ltd which were met. A service plan was also presented by Confidential Solutions which was highly personal to A Martin Bunzl. All of this took place prior to the current broker providing terms.
In this case, A Martin Bunzl appointed Confidential Solutions as their broker before they received final renewal terms from the existing broker.
Deep Water Blue Ltd
Water Treatment Industry
Contractors Put You at Risk?
In the initial Confidential Audit in 2005, it was flagged that Deep Water Blue Ltd had a standard public liability exclusion for “damage to property being worked upon”.
As the client was involved in the cleaning of boilers which required chemicals to pass through as part of the process, it became apparent that this would be an area which would fall within this particular exclusion.
Further on from this as part of our extensive audit process, it became apparent that the Bona Fide Sub Contractors (BFSC) used by Deep Water Blue had the same standard industry exclusions on their policies.
Should work by a BFSC lead to a claim, then Deep Water Blue would be picking up the tab.
New Policy Wording
Confidential Solutions were appointed as Deep Water Blue’s insurance brokers immediately following the initial audit. A new policy with a bespoke policy wording was created that extended to include the previously excluded activities.
Following the extensive audit process, Confidential Solutions were also appointed by Deep Water Blue’s sub-contractors, and underwriters were bought in to write the bespoke wordings for them as well.
Later, Deep Water Blue had an insurance claim which fell under the extended wording for work was carried out by a BFSC. The claim was passed down the chain to be covered under the BFSC insurance policy and was settled by the insurer.
All of this work was done at highly competitive premiums to all of those concerned.
Chell Instruments Ltd
Engineering Industry
Multiple Insurers – Who’s Responsible?
Following a Confidential Audit in 2014, it was flagged up that the client had a grey area in their current insurance portfolio surrounding an exposure that would be covered with professional indemnity insurance
The exposure was evident but the solution not so straightforward as to ensure the cover exposures did not fall between different insurers.
Rewrite and Consolidate
Confidential Solutions managed to work on and negotiate an alternative solution via our sister company Leadenhall Insurance Brokers. Leadenhall met with new potential underwriters and devised a bespoke policy effective from renewal that covered off all of these grey areas.
This new policy solution was put in place with one insurer at a competitive price.
BARTH-HAAS GROUP
Growing and Sourcing of Hops for the Beer Industry
Major Claim? Quick Response
We suffered a fire in our factory and contacted our account handler out of hours to notify them of an incident.
Confidential Solutions Ltd visited our premises the next working day to collate information regarding the loss. They immediately appointed a loss assessor to assist with the claim and they then attended a further meeting a couple of days later with the loss assessor and insurers loss adjuster to ensure the claim was dealt with without any delays.
The claim appeared complicated as 3 different insurers were insuring different aspects of the loss, but Confidential Solutions acted professionally and efficient throughout and they agreed settlement with all insurers very quickly.
A subsequent claim was handled in the same way and we are very happy with their claims service.
Stephen Bull
Ernest West & Beynon
Industrial Engineering to High Hazard Industries
High Risks Not Catered For?
Following a Confidential Audit in early 2014, some grey areas surrounding the cover were uncovered. These particularly centered around work in military vessels while at sea, together with trips in military helicopters to and from the vessels.
Ernest West & Beyson had a very longstanding relationship with the current brokers and were nervous about any change.
Meet the Underwriter
This was clearly a risk for the specialist London market and our Lloyd’s Broker Leadenhall Insurance to be involved with.
Due to the business activities involved and the importance of the understanding of all of the business activities, Leadenhall Insurance Brokers arranged a meeting together with the client, Confidential Solutions, and a specialist underwriter. This took place in the City within the Lloyd’s Building for an hour or so.
During this time the underwriter and client had the opportunity to speak directly with each other to allay any fears on either side.
As a result the underwriter was comfortable with the risk and the client was happy that the underwriters understood the business in greater detail.
Following this meeting the insurer put forward terms which were accepted by the client, and Confidential Solutions were appointed as brokers.