January 10, 2024
Professional Indemnity - Design and Construction
Specialist contractors to wind farm and renewables sectors
Limit of Indemnity
Northern Ireland domiciled, with a large amount of exposure to Republic of Ireland
This provided a significant challenge to the business as they had to reduce their contract values and negotiations on cover limits when tendering for new projects.
To kick off the process, Servca organised an initial video call to delve into the intricacies of the insureds’ business. Our Account Director orchestrated a call with key underwriters, facilitating a direct meeting between underwriters, broker-client and the insured.
During this process, Servca presented a comprehensive overview of the insured's business, leveraging the insights gained from a thorough (complimentary) policy review. This strategic review generated market appetite which was previously absent due to a lack of risk understanding. Furthermore, Servca connected the insured with several leading construction Lloyd’s syndicates. This allowed the underwriters to gain a detailed understanding of the insured's business, contributing to an informed evaluation.
The Account Directors’ comprehensive efforts were instrumental in successfully increasing the insured's coverage and limit, notably, reducing the cost of the professional indemnity (PI) renewal quotation The client's limit was not merely raised but experienced a substantial jump from £1 million to £6.5 million. This enhancement was accompanied by additional cover enhancements, fortifying the insured against potential risks.
Through diligent fact-finding and risk placement, Servca secured the necessary cover for the client. Notably, this was achieved with considerable savings on the insurance program, reflecting both a financial benefit and strengthened risk mitigation strategy. This enables the insured to operate and grow the business with full contractual insurance coverage, backed by ‘A’ rated underwriting capacity and dedicated claims handling facilities.