Case Study: Wind farm and renewables specialist, experiences dramatic coverage increase: Professional Indemnity limits increase from £1m to £6.5m

Case Study: Wind farm and renewables specialist, experiences dramatic coverage increase: Professional Indemnity limits increase from £1m to £6.5m

Case Study: Wind farm and renewables specialist, experiences dramatic coverage increase: Professional Indemnity limits increase from £1m to £6.5m

10 Jan 2024

Servca was approached by a broker-client to assist in securing terms for an insured who had faced challenges in previous years. The insured had been unable to increase their limit due to a lack of market interest in their risk profile.

This provided a significant challenge to the business as they had to reduce their contract values and negotiations on cover limits when tendering for new projects.

Our Solution

To kick off the process, Servca organised an initial video call to delve into the intricacies of the insureds’ business. Our Account Director orchestrated a call with key underwriters, facilitating a direct meeting between underwriters, broker-client and the insured.

During this process, Servca presented a comprehensive overview of the insured's business, leveraging the insights gained from a thorough (complimentary) policy review. This strategic review generated market appetite which was previously absent due to a lack of risk understanding. Furthermore, Servca connected the insured with several leading construction Lloyd’s syndicates. This allowed the underwriters to gain a detailed understanding of the insured's business, contributing to an informed evaluation.

The Result

The Account Directors’ comprehensive efforts were instrumental in successfully increasing the insured's coverage and limit, notably, reducing the cost of the professional indemnity (PI) renewal quotation The client's limit was not merely raised but experienced a substantial jump from £1 million to £6.5 million. This enhancement was accompanied by additional cover enhancements, fortifying the insured against potential risks.

Through diligent fact-finding and risk placement, Servca secured the necessary cover for the client. Notably, this was achieved with considerable savings on the insurance program, reflecting both a financial benefit and strengthened risk mitigation strategy. This enables the insured to operate and grow the business with full contractual insurance coverage, backed by ‘A’ rated underwriting capacity and dedicated claims handling facilities.

This provided a significant challenge to the business as they had to reduce their contract values and negotiations on cover limits when tendering for new projects.

Our Solution

To kick off the process, Servca organised an initial video call to delve into the intricacies of the insureds’ business. Our Account Director orchestrated a call with key underwriters, facilitating a direct meeting between underwriters, broker-client and the insured.

During this process, Servca presented a comprehensive overview of the insured's business, leveraging the insights gained from a thorough (complimentary) policy review. This strategic review generated market appetite which was previously absent due to a lack of risk understanding. Furthermore, Servca connected the insured with several leading construction Lloyd’s syndicates. This allowed the underwriters to gain a detailed understanding of the insured's business, contributing to an informed evaluation.

The Result

The Account Directors’ comprehensive efforts were instrumental in successfully increasing the insured's coverage and limit, notably, reducing the cost of the professional indemnity (PI) renewal quotation The client's limit was not merely raised but experienced a substantial jump from £1 million to £6.5 million. This enhancement was accompanied by additional cover enhancements, fortifying the insured against potential risks.

Through diligent fact-finding and risk placement, Servca secured the necessary cover for the client. Notably, this was achieved with considerable savings on the insurance program, reflecting both a financial benefit and strengthened risk mitigation strategy. This enables the insured to operate and grow the business with full contractual insurance coverage, backed by ‘A’ rated underwriting capacity and dedicated claims handling facilities.

Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE



+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

Privacy Policy

Cookies

Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE



+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

Privacy Policy

Cookies

Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE


+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

Privacy Policy

Cookies