Does Size Matter? Are smaller risks with their lower exposures and lower limits a better risk for carriers? One company, Incorporated Insurance Group Ltd (IIGL) seems to think differently.
We spoke to Dean Surridge, Head of Construction at IIGL, about their approach ‘We like all sizes of risk so long as they are well managed and the broker can vouch for their pedigree. However, where the risk gets over a £10k premium; we can really start to spend some time to review the risk to come up with a bespoke package. We have worked with our ‘A’ rated carriers to create additional discounts for larger risks as well as creating bespoke covers such as Financial Loss, Pollution Clean Up Costs and Defective Workmanship so that we are ideally placed to write these risks’.
So why is writing larger risks something that IIGL like? Dean goes on to explain ‘I like writing larger risks. Our insurers provide us with the ability to write up to write up to a £20m limit on the liabilities and £50m limit on the property which means that we can tackle risks up to a £250k premium spend. With this size client, we can spend time doing full background/financial checks, reviewing their Health & Safety procedures and really getting to understand their claims history. We are also happy to work with our brokers and jointly visit clients to examine their insurance needs and create true tri-partite relationships’.
Mike Smith, Chief Executive Officer of IIGL, confirmed their approach ‘Our philosophy is to support our brokers, no matter what size risk they present to us. If the broker thinks it’s a good client and we have the facility to write it, then we will go all out to try and help the client to pick up the risk. However, on the subject of size, being 7ft tall, I have to say that “Bigger is Better”!’
So if you have some large risks and you are wondering where to place them, give IIGL a try by emailing firstname.lastname@example.org or call them on 08455 199 050.