Plant, equipment and accessory supplier saves on industrial insurance.
Plant, equipment and accessory supplier saves on industrial insurance.
1. THE CLIENT
Brisbane plant, equipment and accessory supplier has over fifty years and two generations, provided a valuable and specialised service to the hospitality market.
2. CHALLENGE
The client approached us to review their existing packet of policies as they had received a series of unexpected premium increases for their property and industrial business Insurance Policies
3. INSURANCE SOLUTION
Our program recommended a simple strategy of combining local and Lloyd’s covers we access, to refine their existing collation of policies. This configuration facilitated maximum premium flexibility whilst correcting upwards their building and business interruption limits.
The program included a ‘technical’ review calculation for the client’s potential business interruption loss, thus eliminating the potential Under-insurance or Áverage’ clause penalty so frequently experienced by businesses everywhere.
After 14 years with the previous insurer, this finally enabled the business to reduce their premium by 32% and also correctly improve their policy limits.
Industrial materials supplier ‘rebirths’ after devastating fire
Industrial materials supplier ‘rebirths’ after devastating fire
1. THE CLIENT
Queensland automotive plant, equipment and accessory supplier had established a substantial local market base providing a valuable and specialised service to the automotive trade market.
2. CHALLENGE
Our client’s business was gutted by fire overnight losing the building and all plant and stock within. All business operations ceased and staff laid off. The owner wanted to walk away!!
3. INSURANCE SOLUTION
By 10am our team of assessor and claims preparers were underway with police with a process to finalise 12 months later for a new building location, stock and fully recovered loss of business profits, working expenses and good will. Our team’s cohesion of well rated insurers, loss adjuster, claims preparer and client’s stoic attitude all added to a success solution.
This business is now managed by the next family generation, the owner happily walking away… to retirement.
Automotive parts supplier saves on industrial insurance
Automotive parts supplier saves on industrial insurance
1.THE CLIENT
Large city motor industry equipment supplier with a substantial state and local market provides a specialised service to the automotive parts and equipment market.
2. CHALLENGE
The client requested our review of their collection of policies even though they…”were too busy to meet and had been with the same agent for over 10 years”…
3. INSURANCE SOLUTION
Following our second and final meeting, our solution was a complete revamp to combine local and our Lloyd’s market insurers to both upgrade the covers and limits for their new insurance program, whilst correcting their premium expenditure.
This enabled the business to review correctly upwards the building, plant, stock, and Business Interruption limits whilst reducing their premium from $17,000 odd to just over $12,000 in the new markets, and ongoing savings each year.
Retail shops arson becomes a ‘game changer’.
Retail shops arson becomes a ‘game changer’.
1. THE CLIENT
State franchisor and multi market retailer had established over time adjoining strip stores in a central retail location.
2. CHALLENGE
The stores faced liquidation following an assessing firm’s unfounded belief of our client’s arson involvement and the subsequent withholding of insurer’s policy pay out.
3. INSURANCE SOLUTION
Following appointment by consulting investigators and with our claim preparer, the solution was negotiated with insurers to finalise in full the settlement of total values for plant and stock and full business interruption loss.
After many months of ‘hard yards’ we finalised the claim with all insurer’s policy limits settled and for the client to continue successful trading in the much improved premises and frame of mind.
Heavy vehicle repairer saves on industrial insurance
Heavy vehicle repairer saves on industrial insurance
1. THE CLIENT
Our industrial estate based client, a large truck and bus repairer had established over many years a dual mechanical and body shop repair business, providing services for local and long haul transport
2. CHALLENGE
During their long insurer and broker association,.. “they had been with the same broker for many years”… they were now uncertain about the extent of the various covers and premium costs, with their work now being ‘handed’ down the line to more junior staff.
3. INSURANCE SOLUTION
Our solution was a program of combining industry specific local and Lloyd’s market covers to refine their insurance process, whilst correcting upwards their building, business interruption and low customer vehicle limits.
The program included a ‘technical’ review calculation for the client’s potential business interruption loss, thus eliminating the much too frequent Under-insurance or Áverage’ clause penalty so often experienced by businesses everywhere.
After many years with the same insurer, this finally enabled the business to reduce their premium costs from $45,000 odd to just over $36,000 and also increase correctly their policy limits.
Hospitality icon struggles after firestorm
Hospitality icon struggles after firestorm
1. THE CLIENT
Our new client’s iconic business and location had been established over many years to enjoy the patronage of many local, national and overseas visitors, who in turn experienced the hospitality of their innovative accommodation, catering and venue packages.
2. CHALLENGE
In one traumatic night the site was gutted by fire, losing the buildings and all plant, stock and beveridge supplies within. After 30 successful years and close to retirement, all business operations ceased, and staff laid off. Worse still the assets and business interruption limits were heavily under insured.
3. INSURANCE SOLUTION
Several months later we were asked to join the solution for the long haul ahead. Independent Claims Preparers, LMI were again integrated into the solution process, drilling further into the policy cover to establish a substantial additional benefit for additional working expenses to what insurers were paying.
Now better funded, the business construction is nearing completion for opening and will be managed by the next family generation, the owners happily enjoying their working retirement.
Global insurance market cycles heavily up for warehouse group
Global insurance market cycles heavily up for warehouse group
1. THE CLIENT
A large warehouse group providing a unique service and supply chain to industrial clients nationally had handed around the ‘job of insurance’ to various staff for many years, as had the broker renewing their packet of policies year on year.
2. CHALLENGE
Insurance Brokers Australia were approached after they had received a substantial increase on their yearly premium for their property and industrial business Insurance Policy. Their broker of 12 years advised “this was expected after 10 years of flat market and stable premiums.
3. INSURANCE SOLUTION
Our industrial brokers engaged a strategy to collate local and Lloyd’s market covers we access to refine their insurance program, whilst correcting upwards their building and neglected business interruption limits. The program included a ‘technical’ review calculation for the client’s potential business interruption loss, thus eliminating the Under-insurance or Áverage’ clause penalty so frequently experienced by businesses everywhere.
After 12 years of renewal notices with the same broker, this enabled the business to not only avoid the ‘expected increase’ but to reduce their premium by 23% and also correctly improve and increase their policy limits.
City Prestige Vehicle Dealership
City Prestige Vehicle Dealership
1. THE CLIENT
city prestige vehicle dealership with a substantial open display of high value and luxury stock fronting a major access road
2. CHALLENGE
Our client requested a review of their security for vehicle keys following the overnight theft of several cars. The forced and violent opening of the dealership’s key cabinet, highlighted the risk management issues to now prevent any further loss and to best comply with policy conditions to meet key security requirements.
3. INSURANCE SOLUTION
Security consultants have always advised having a ‘fit for purpose’ key safe is a great security measure for every dealer and vehicle workshop, with the one off investment securing all stock within seconds, every day, all day and night.
Subsequently the good value key safe installed, included
- Substantial housing and door thickness
- Concealed hinges and frame locks if attacked
- Auto locking with a ‘wrong try’ commercial grade, digital, ‘UL’ rated lock
- Demonstrated resistance to physical tool attack
- Substantially effective chem set fixing to wall and floor
In the dealers case, the business’ risk management of key security is the key to any further claim acceptance.
Assistance with dealership key security and policy test driving compliance
Assistance with dealership key security and policy test driving compliance
1. THE CLIENT
city prestige vehicle dealership with a substantial open display of high value and luxury stock fronting a major access road
2. CHALLENGE
Our client requested a review of their security for vehicle keys following the overnight theft of several cars. The forced and violent opening of the dealership’s key cabinet, highlighted the risk management issues to now prevent any further loss and to best comply with policy conditions to meet key security requirements.
3. INSURANCE SOLUTION
Security consultants have always advised having a ‘fit for purpose’ key safe is a great security measure for every dealer and vehicle workshop, with the one off investment securing all stock within seconds, every day, all day and night.
Subsequently the good value key safe installed, included
- Substantial housing and door thickness
- Concealed hinges and frame locks if attacked
- Auto locking with a ‘wrong try’ commercial grade, digital, ‘UL’ rated lock
- Demonstrated resistance to physical tool attack
- Substantially effective chem set fixing to wall and floor
In the dealers case, the business risk management of key security is the key to any further claim acceptance.
The life broker's ‘Personal’ insurance solution
The life broker's ‘Personal’ insurance solution
1.THE CLIENT
Large city industry equipment supplier with a substantial state and local market, provides a specialised service to the automotive parts and equipment market.
2. CHALLENGE
The directors [partners] requested our review of their collection of life and Income Protection policies with the added difficulty they…”were too busy to meet and had been with the same life agent for over 10 years”…The frustration year on year had been the double whammy of no service and rising premiums year on year with the current expensive renewal premium at hand.
3. INSURANCE SOLUTION
Following our second and final meeting, our life brokers’ solution was a complete revamp to combine the best of market insurers covers to both upgrade the covers and limits for their new insurance program, whilst correcting their premium expenditure.
This enabled the business to review correctly the existing policies to new structures and limits achieving the same protection still needed, eliminating a component no longer feasible [after ten years] to payout in a claim, whilst reducing their premiums from $22,000 odd to just over $11,000 in the new markets, and of course ongoing savings each year thereafter.
