A medium sized and well established marine consultancy practice who in 2012 were recommended by another client to talk to Knightsure in the light of ever increasing premium. They operate in several countries via a network of sub-contractors.
When the initial contact was made by the client, there was less than a week before their policy was due to renew. Because of time pressures, we carried out a detailed fact find over the telephone so as to thoroughly understand the business and how it operated. We asked for a copy of their existing policy wording as our standard approach is to review existing cover to establish suitability or otherwise of the existing arrangements.
We quickly realised that a clause in the existing cover was incapable of being complied with by the client and effectively, despite spending in excess of £15,000 per year, rendered the insurance null and void. The client had not been given full documentation by their current broker and were unaware of the clause.
What we did
We prepared a full presentation for several insurers and spoke directly to each of the underwriters to explain some of the excellent risk management features. The risk was complex and would normally take several days to obtain quotations.
Within 24 hours, two suitable quotations were submitted to the client, both saving the client in excess of 20%. One was specifically recommended to the client because of the wider wording and complete suitability. The quotation was accepted and the cover placed literally a few hours before expiry of the current policy.