Can we help with your large / difficult to place property risks?
Do you have an account on your desk keeping you awake at night, where the local markets are unwilling to offer Primary terms? A tough renewal last year where the local insurer has given you notice of non-renewal?
If so, does it fulfil the following characteristics: -
Primary limit required: USD 5m to USD 50m (depending on the TIV).
Minimum schedule value USD 250m
Minimum Premium greater than USD 250,000
Hazardous class? Something with a heat process, combustibility, unusual.
Heavy Cat schedule, with Flood, Quake and/or Wind exposure.
Does the account need a new solution to make it an attractive proposition to both Underwriters and the client
Has your domestic market pulled out of the class?
Losses – does the account have a poor loss history due to severity and/or frequency.
Recent occupancy successes include, but are not limited to Food Processors, Plastic extrusion, Agri business, Aluminium Smelter, Chemicals.
Examples of recent success: -
Chicken processor - TIV $450m (top location $200m) – one large cooking line, Primary $50m quota shared with the local market.
Plastic extrusion company making branded bags and plastic collars for the food industry. TIV $405m (top building value $130m), 2 losses of $6m in succession. Primary $10m.
Agri commodity and logistics company, $450m of grain silos, fertiliser warehouses and barge terminals with a poor loss record. Primary $10m. Client wanted to retain some risk as well, so we incorporated this feature into the policy as well.
In Brief – if you have a risk where you have run out of local market, we should be able to find capacity at a price, by reviewing, analysing, and suggesting a solution.
To achieve success, our first step is to request all relevant information. Once reviewed, we can provide initial thoughts on pricing and deductibles to ensure these will be acceptable to your client.
Once we have client feedback, we can approach our market. We normally provide some variance in terms to give ourselves a buffer to provide full capacity.
For underwriters, we create a marketing brochure to provide as much risk information as possible, using the following: -
Narrative of the Insured, describing what they do, etc
Applications / Placing objectives
Statement of values (Date of last appraisal)
Summary and analysis of values
Inspection reports at key locations
10-year loss record
Loss record “As if” with the new proposed deductibles
We need to provide underwriters with as much information as possible on our first approach to achieve best available terms.
Thank you for taking time to read this and we look forward to being the answer to your opportunities.
Contact us:
David.price@fenchurchbroking.com Phone: +44 204 526 5269
Richard.daniel@fenchurchbroking.com Phone: +44 204 534 3751
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