Transferring Medical Equipment Across the UK

Transferring Medical Equipment Across the UK

Transferring Medical Equipment Across the UK

12 Jun 2024

Thoroughness uncovers and addresses critical gaps in coverage

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.

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.

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