Background

A longstanding client of our specialist Trade Credit team at The Channel Partnership, was looking to undertake a review of the full insurance programme for their business after experiencing a large increase in premium from their previous insurer & broker.

Challenge

In 2022 the client saw a significant increase in their business insurance premium as a result of having to move away from a composite insurer to a Lloyd’s underwriter.

At the time, Executive Director, Steve Watson of our specialist Trade Credit team at The Channel Partnership, was undertaking a client review and recommended Specialist Risk Insurance Solutions (SRIS) to conduct a review of the client's existing business insurance programme.

Solution

The SRIS and TCP teams assembled a detailed presentation for their risk, and during their weekly insurer clinic, they explained the positive risk factors to the underwriters, which several supportive composite insurer partners showed an interest. 

Our insurer partners were happy to work on the project, so SRIS Client Development Executive, Matt Gallafant started working with them to arrange a comprehensive programme for our client.

Outcome

The SRIS team arranged a pre-cover survey with the underwriters and by further highlighting our understanding, we were able to secure terms that not only reduced the excess and widened cover but also delivered a premium saving of c30%. Crucially, we were able to recommend an ‘A-Rated’ composite insurer partner who had previously declined to quote based on previous understanding of the business.

The client was delighted with the result and felt reassured by the time taken to understand the business and the assurance provided that they obtained the most appropriate cover.

To find out how your company can benefit from our specialist advice, request a confidential review.