Case Studies
Client
Multi tenanted landlord
Problem & Our Solution
Landlord with a number of insured premises in place, was unable to get insurance cover for unoccupied premises.
Our Solution: When carrying out a review of all the client’s policies they confirmed they had an unoccupied property which had not been insured since it became vacant 3 years ago. Premises waiting to be renovated. We surveyed the premises and established the facts and made some recommendations which were carried out and successfully presented the vacant property to their existing broker
Customer Benefit: We secured Fire cover on the buildings with Public and Employers liability cover on a property that had no Insurance cover for over three years.
Client
Construction company in food industry
Problem & Our Solution
The managing director had always dealt with the insurance. Through conversations within his industry network, The Managing Director realised he did not understand the details of his own policy and engaged our services. When doing our renewal audit for the client, we identified several Sub Contractors Insurance Policies that had exclusions and warranties that exposed our client.
Our Solution: We contacted the subcontractors and highlighted the warranties they were unaware of. They had not spoken with an insurance agent and had just completed their insurance proposal online. We sought further information from their existing insurers and presented an outline of the work being carried out by their insured on our client’s behalf.
Customer Benefit: While having to take out a new policy, the subcontractor now has an insurance policy that is fit for purpose for all of their work. The policy also provides specific indemnity to our clients. We clarified this with our existing insurer and confirmed with our Broker and Underwriter the revised cover and warranties were to their satisfaction.
Agile Risk Solutions have been retained as the Company Insurance Officer on a retainer basis. Enhanced relationship between our client and their existing broker, working in partnership.
Client
Retailer
Problem & Our Solution
Our client engaged us to conduct a renewal audit and tender comparison. They had been with the same broker for over ten years. During our deep dive into the workings of our client’s company, we identified that the Business Interruption, Money Limits and Theft of target Stock Sums Insured were inadequate. Also, our client had engaged the services of a Risk Management Solutions Provider and their insurer was not aware of this.
Our Solution: We identified gaps in the sums insured had developed over the years and updated these to present to 3 Brokers as part of the tender process.
We scenario planned:
1 - The adequacy of the business interruption sums insured and indemnity period.
2 - The cash flow on the premises over the course of a month
3 - We presented details of the enhanced risk management procedures in place.
Customer Benefit: We secured a reduction in the employer’s liability rate of the premium. We increased the sums insured and indemnity period on the Business interruption Policy to 24 months.
An additional benefit of our scenario planning meant we reduced the exposure to our client in terms of the cash being held. We did this by introducing one extra cash in transit drop in the week. Sharing the risk with the Cash in Transit Company was cheaper than having cash cover for an additional €20,000. In addition, the visibility of the 3rd party collecting and depositing the cash improves safety for our client and their colleagues. This was all done with their existing broker following the tender process.
Client
Tech solutions provider
Problem & Our Solution
Our client have been insured with the same broker for over ten years. The head of operations dealt with the insurance and had no natural background or understanding of the policy. In addition, the business had grown massively from 3 to 30 employees and had moved from smaller premises to purpose-built new premises.
Our Solution: We met with the CTO and head of Operations and comprehensive risk evaluation of their operations. We compared this with their existing policy and our analysis identified significant gaps in the cover on the fit-out of the new offices. The old office and its contents were still insured nine months post expiration of the lease. Wage roll and Turnover needed to be increased by 25% each to reflect the current business. There was no Directors and Officers Cover in place.
Customer Benefit: We engaged with the broker and presented updated sums insured and business description. This was the response received from the client when the renewal was secured.
“To Sum up:
- You identified we were not covered for Tenants Improvements (to the value of €1m which we previously had not had cover for)
- Our contents figure (for contents, fixtures and fittings) is now more accurately reflected.
- You were able to more accurately reflect our level of risk to the broker through expertly composed emails (and several zoom calls with me!), and the broker in turn to the insurance companies.
- This resulted in us being able to secure a more competitive quote from a second insurer.
- Final quote is €3k+ cheaper, with increased coverage for Tenants Improvements.”
All secured with the existing broker.
Client
Multi tenanted commercial units
Problem & Our Solution
The CEO, who deals with the insurance, received a request from a long-standing tenant looking to take out extra space in the facility. The Tenant was a state body without an insurance policy, when this was raised with the board they were not keen to take this on. The CEO contacted us.
Our Solution: We investigated the issue. WE engaged with the legal team of the facility and the tenant. We reviewed the licence agreements, Our Clients current insurance policy and requirements to satisfy the Legal Representatives and Board of our Clients. The tenant provided us with a General Indemnity Scheme Confirmation Statement from The State Claims Agency, which we reviewed and confirmed it provided Indemnity to Principal (our Client) with unlimited indemnity and a requirement to notify us of any change in the policy. Confirmed this as in line with the requirements of our clients existing insurers.
Customer Benefit: Supported by our report, The Board and its legal advisors were satisfied to sign off on the additional space. Now our client has not alone secured a long lease with a government body but has increased the space and income received.
Client
Renewable engineering services
Problem & Our Solution
As a result of the pandemic, the client has changed their business model, they received their renewal, and the financial controller was unsure of the cover.
Our Solution: We carried out our renewal audit and identified changes made within the business and the risk mitigation that this brought. We highlighted these as part of our presentation to their Broker. The comprehensive appraisal also identified that while over 20% of our clients’ products are exported directly to the USA, the first Warranty on the policy was a Products Liability exclusion to USA and Canada. Our Business Continuity Scenario Plan also highlighted an opportunity on the lead time on replacement products to closer to just in time. This afforded us a chance to reduce the stock on hand level and thus the capital tied up and the premium for the
Customer Benefit: Confirmation received in writing from the Insurer. Revised business description and clerical wages of €100k included. Secured renewal terms at a premium reduction of 18% with correct covers in place to reflect the business's current situation. All secured with the existing Broker.