Construction Insurance Review
We were asked to provide an alternative to a residential builder who had been with their current broker for more than 15 years. We reviewed their current program and identified a number of issues where their current insurance hadn't keep up with what exposures their business had
Client: Boutique Residential Builder $1.5m+ Projects
Industry: Construction & Trade
Services: Full review of current covers and identify risk management and cover solutions
Solution: We completely changed their entire program and set up new annual construction and liability policies with a leading insurer to include pre-existing dwellings for all renovation works which were not insured previously. Also put in place a separate single project contract works policy for a $2.8m renovation on a Heritage property so that the builder could split costs for this project with the homeowner and have a clear direction moving forward for any contract variations. Overall the restucture resulted in peace of mind for builder that his projects are insured correctly.
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Management Liability
Large retail supply business with multiple locations across Australia and New Zealand. 160 employees and $60,000,000 annual turnover.
Client: Large retail and distribution
Industry: Hospitality supplies
Services: Data and analytics, Financial overview, Strategy
Solution: Asked to look into the insurance for business, specifically to review D&O. Reviewed the current program and identified that currently there was no cover in place at all. Quickly worked with the company Director and Financial Controller to work out a solution. This resulted in a new $10,000,000 Management Liability being put in place with a quick turnaround time to ensure that the client had the cover they needed.
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Claim Management
A commercial client had their home broken into early one morning and took keys off the bench. They stole a Ford Ranger Wildtrak
Client: Window & Door Manufacturing
Industry: Manufacturing & Installation
Services: Claim Management
Solution: April 2020 we were notified of the incident and our team got straight onto Zurich to lodge a claim for a stolen vehicle. We arranged for a hire car for the insured and also began the process of getting together all documents in the event this vehicle is not recovered. At the time of loss, Ranger was 3 years old with a market value of $48,000. The vehicle was never recovered.
Under the policy wording, the insured was entitled to a new replacement vehicle which we negotiated and had Zurich agree to authorise quickly to avoid any additional charges at their end. A replacement vehicle was ordered and delivered to the insured. New Ranger Wildtrak RRP was around $67,000 resulting in a great outcome for the client.