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How Servca Tackles Rising Premiums

How Servca Tackles Rising Premiums

How Servca Tackles Rising Premiums

16 Jul 2024

Servca helped a growing construction firm achieve comprehensive protection and a 35% reduction in insurance premiums through a meticulous risk evaluation and tailored insurance program.

Company Growth Increases Premiums

A growing construction firm experienced a significant 40% increase in financial growth, prompting a corresponding rise in insurance premiums.

The firm specialises in:

  • Reinforced concrete frameworks

  • Groundwork

  • Civil engineering

Despite assurances from their existing broker regarding competitiveness, the firm sought lower premiums.

Risk Evaluation and Tailored Presentation

Servca undertook a thorough review of the firm's operations, commencing with a meticulous examination of the insured's specific roles and contractual involvement. Initially perceived as extensive, their activities were scrutinized to reveal a clearer understanding of their contractual obligations. Through this process, Servca identified opportunities to significantly mitigate the firm's exposures.

Key areas of focus included:

  • Specialised expertise

  • Limited to temporary works on larger contracts carrying a lower exposure

  • Risk management practices encompassing terms and conditions and a robust Health and Safety policy

Enhancing Coverage and Minimising Premiums

Armed with these comprehensive insights, we crafted a tailored presentation for our market pack and presentation document. This presentation highlighted the firm's unique business activities and associated risks, laying the groundwork for a focused assessment of their current policy coverage and conditions. We followed the review with a thorough market analysis conducted by our placing broker, who selected specialist insurers with deep underwriting experience in this sector. This approach ensured that we could offer a competitive insurance program tailored to meet the insureds' demands and needs.

Comprehensive Protection with Lower Premiums

Servca proposed enhanced insurance terms that included broader coverage provisions for consequential loss and bodily injury.

The outcomes of our terms were as follows:

  • Built £10,000,000 program across six selected markets

  • Recommended higher policy excess for more robust and cost-effective solution

  • Achieved 35% reduction in renewal premium

Backed by a leading Syndicate at Lloyd's and supported by five reputable follow markets, the coverage not only met but exceeded expectations. Additionally, our strategic approach enabled the broker to secure a higher commission level, fostering a mutually beneficial relationship with a highly satisfied new client.

Our Commitment to Broker Clients

As a specialist independent broker, Servca always devotes time and care to understand the bespoke coverage needs of our clients first and then use these to shape the risk assessment and initial deep dive. In doing so, we avoid generic outcomes and often uncover critical gaps in coverage, as well as identify opportunities to better tailor bespoke solutions that work more effectively for the insured.

If you’d like to understand more about our approach, please get in touch.

Company Growth Increases Premiums

A growing construction firm experienced a significant 40% increase in financial growth, prompting a corresponding rise in insurance premiums.

The firm specialises in:

  • Reinforced concrete frameworks

  • Groundwork

  • Civil engineering

Despite assurances from their existing broker regarding competitiveness, the firm sought lower premiums.

Risk Evaluation and Tailored Presentation

Servca undertook a thorough review of the firm's operations, commencing with a meticulous examination of the insured's specific roles and contractual involvement. Initially perceived as extensive, their activities were scrutinized to reveal a clearer understanding of their contractual obligations. Through this process, Servca identified opportunities to significantly mitigate the firm's exposures.

Key areas of focus included:

  • Specialised expertise

  • Limited to temporary works on larger contracts carrying a lower exposure

  • Risk management practices encompassing terms and conditions and a robust Health and Safety policy

Enhancing Coverage and Minimising Premiums

Armed with these comprehensive insights, we crafted a tailored presentation for our market pack and presentation document. This presentation highlighted the firm's unique business activities and associated risks, laying the groundwork for a focused assessment of their current policy coverage and conditions. We followed the review with a thorough market analysis conducted by our placing broker, who selected specialist insurers with deep underwriting experience in this sector. This approach ensured that we could offer a competitive insurance program tailored to meet the insureds' demands and needs.

Comprehensive Protection with Lower Premiums

Servca proposed enhanced insurance terms that included broader coverage provisions for consequential loss and bodily injury.

The outcomes of our terms were as follows:

  • Built £10,000,000 program across six selected markets

  • Recommended higher policy excess for more robust and cost-effective solution

  • Achieved 35% reduction in renewal premium

Backed by a leading Syndicate at Lloyd's and supported by five reputable follow markets, the coverage not only met but exceeded expectations. Additionally, our strategic approach enabled the broker to secure a higher commission level, fostering a mutually beneficial relationship with a highly satisfied new client.

Our Commitment to Broker Clients

As a specialist independent broker, Servca always devotes time and care to understand the bespoke coverage needs of our clients first and then use these to shape the risk assessment and initial deep dive. In doing so, we avoid generic outcomes and often uncover critical gaps in coverage, as well as identify opportunities to better tailor bespoke solutions that work more effectively for the insured.

If you’d like to understand more about our approach, please get in touch.

Talk to a Specialist

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. 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.

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. 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.

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. 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.