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
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
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
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
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
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
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.