Transforming High-Risk Challenges into Specialist Opportunity

Transforming High-Risk Challenges into Specialist Opportunity

Transforming High-Risk Challenges into Specialist Opportunity

22 May 2024

Servca recently received an enquiry from a partner broker concerning a scaffolding firm seeking assistance with their Public and Employers Liability Insurance.

The challenge

The scaffolding firm's insurance renewal was non-renewed by the incumbent insurer, who cited the ‘High Risk’ classification of the firm's operations as the reason. This put the firm in a difficult position, needing comprehensive coverage to continue their operations.

Client consultation

Upon reviewing the details, Servca identified that the so-called ‘High Risk’ nature of the firm's operations could actually be reframed as ‘Specialist Works’. This subtle but crucial reclassification would change the market's view of the risk associated with the firm's activities.

Approaching the Market

Servca took the initiative to broker the risk to the market. During this process, it was uncovered that the scaffolding firm specialised in working inside lift shafts. This specific area of work requires additional training, stringent risk management, and a robust adherence to health and safety protocols. Such specialisation demonstrated the insured’s high level of skill and professionalism, transforming what was initially perceived as a high risk into a highly attractive proposition for insurers.

24 hour turn around

Leveraging this newfound insight, Servca was able to deliver competitive terms within 24 hours. The cover provided was not only comprehensive but also tailored to meet the precise needs of the scaffolding firm. The client was able to bind the policy the following day, ensuring uninterrupted operations and peace of mind.

Outcome

By effectively identifying the nature of the scaffolding firm's operations, Servca turned a challenging insurance renewal into a success story. This case study underscores the importance of understanding the nuances of specialised work and the value of a proactive and insightful broking approach.


Our promise to you

We're an independent specialist broker with an in-depth understanding of Casualty Insurance and the ability to move quickly on risks. We’ll review your clients' submissions in detail and utilise our experience and market relationships to achieve the best outcome for your client.

The challenge

The scaffolding firm's insurance renewal was non-renewed by the incumbent insurer, who cited the ‘High Risk’ classification of the firm's operations as the reason. This put the firm in a difficult position, needing comprehensive coverage to continue their operations.

Client consultation

Upon reviewing the details, Servca identified that the so-called ‘High Risk’ nature of the firm's operations could actually be reframed as ‘Specialist Works’. This subtle but crucial reclassification would change the market's view of the risk associated with the firm's activities.

Approaching the Market

Servca took the initiative to broker the risk to the market. During this process, it was uncovered that the scaffolding firm specialised in working inside lift shafts. This specific area of work requires additional training, stringent risk management, and a robust adherence to health and safety protocols. Such specialisation demonstrated the insured’s high level of skill and professionalism, transforming what was initially perceived as a high risk into a highly attractive proposition for insurers.

24 hour turn around

Leveraging this newfound insight, Servca was able to deliver competitive terms within 24 hours. The cover provided was not only comprehensive but also tailored to meet the precise needs of the scaffolding firm. The client was able to bind the policy the following day, ensuring uninterrupted operations and peace of mind.

Outcome

By effectively identifying the nature of the scaffolding firm's operations, Servca turned a challenging insurance renewal into a success story. This case study underscores the importance of understanding the nuances of specialised work and the value of a proactive and insightful broking approach.


Our promise to you

We're an independent specialist broker with an in-depth understanding of Casualty Insurance and the ability to move quickly on risks. We’ll review your clients' submissions in detail and utilise our experience and market relationships to achieve the best outcome for your client.

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.

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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