Challenge

A prominent NHS contractor responsible for sourcing, purchasing, and transferring medical equipment throughout the UK, required a comprehensive insurance solution. The insured requires specific coverage to meet strict NHS contract requirements due to their operations being within a highly regulated and complex field.

Our Approach

Our team, in collaboration with the broker client, conducted a thorough risk assessment and deep dive into the insured’s specific operational risks. This hands-on approach ensured no detail was overlooked, allowing us to tailor a solution to best cover the contractor’s business.

Key Findings

During our assessment, we uncovered that the contractor’s existing insurance policy was inadequate in several critical areas, including a major concern with their existing Professional Indemnity (PI) cover.

Our Solution

Leveraging our expertise in life sciences we closely collaborated with the insured to navigate the complexities of their needs. Our priority was to ensure NHS contract compliance and design a policy that would support their evolving operations.

Implementation

1.      Enhanced Coverage Options

We offered four quotations, each providing varying structures and coverage levels to address the insured’s unique risks. These options included enhanced limits of indemnity across all critical areas.

2.      Professional Indemnity Cover

We increased the Professional Indemnity cover from £2 million to £5 million to meet NHS contract requirements.

3.      Comprehensive Risk Protection

The tailored policy ensured robust protection against potential exposures, including liability, property, and operational risks.

Our Commitment to Broker Clients

As a specialist independent broker, Servca always devote 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 this way we avoid generic outcomes and often uncover critical gaps in coverage. As well as opportunities to better tailor bespoke solutions that work better for the insured, especially here they need to adhere to complex regulatory requirements.

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