Too often insurance brokers and clients roll coverage from year to year without reviewing and properly analysing changing needs.
We have seen instances where clients have purchased insurance policies thinking that they were appropriately covered when on closer examination the policy clearly would not have responded.
We challenge the status quo and look to implement improved solutions whether that be through coverage, premium or both.
Our client purchased a company that had been in business 20 years. The Public Liability policy purchased by the previous broker was via an online platform. The policy purchased had specific exclusions for work undertaken at Railway Stations and at Airports. On the client’s website and in their gallery of photographs it showed a picture of completed work at Brisbane Airport and the client has an ongoing contract with a passenger rail company! We immediately identified this obvious gap in cover and arranged the correct insurance coverage.
A new client has international operations that involve providing professional services work in the USA and Canada. The client normally conducts this work via its USA operations, but from time to time their representatives from Australia and the UK conduct the work. Neither the USA arranged local policies nor their international policies, provided cover for this exposure, from both a Professional Indemnity and Public Liability perspective. On our appointment and due to our understanding of the clients business we quickly identified the issue and implemented the correct coverage at the same time reducing the client’s overall premium expenditure.