As the contractors insurance market starts one of its busiest periods for brokers and contractors alike; the service provided by some insurers poses a problem for brokers.
One company looking to expand in this market is Incorporated Insurance Group (IIGL) who have recently issued an eshot to their brokers outlining the potential pitfalls renewing cases in the existing market. We spoke to Dean Surridge, Head of Construction at IIGL, about this issue. ‘We are just about to enter one of the busiest periods within our market however, the established markets appear to be making it difficult for brokers to renewal their clients’
We have listed below an exert from their eshot that Dean had put together:-
Insurers delay in issuing the renewal?
External rendering contractor– In this case the broker was struggling to get terms in time from his existing market before his meeting with the client. IIGL were on hand to provide terms within 24 hours to secure this large external renderer and by the time their existing Insurers had come back with renewal terms, our broker had already placed cover with us and had the client’s documents sitting on their desk!
Insurers unable to provide the full renewal package?
Electrical & Solar Panel Contractors– We were asked to write this risk for one of our brokers who had a number of policies to renew for one client that included PL, EL, CAR and Property. At IIGL, we have created a Combined Contractors product which assists our brokers by placing all these covers which saves them having to remarket four separate policies when we can cover this all under one roof! Again, the broker was delighted with our capabilities, we also turned around their quote within hours of receiving the presentation.
Insurers allow renewal transfer to anyone?
Contractors All Risks– Since launching our exclusive CAR facility, we have had a great response from our brokers. We have placed a number of small and large risks under our facility ranging from premiums of £500 to £40k+! As you know, we are able to incorporate a wide range of trades and have helped brokers win business by providing them with exclusive CAR quotes for various trades from builders to steel erectors. Due to our restricted broker base, you can also be certain that your attacking brokers will not have access to IIGL’s facilities.
Insurers increasing their rates on renewal?
Plasterers– Due to certain markets increasing their rates, at IIGL, we have been able to place a number of large plastering contractors under our exclusive binders. Our brokers have been struggling to receive competitive terms from the composite markets along with a poor level of service. IIGL’s growing reputation in the market for our high level of service and competitive rates allowed us to secure a £30,000 plastering contractor for our broker which they were attacking.
Insurers withdrawing from the market?
Steel Fabricators & Steel Erectors– With various markets losing their facilities for these trades due to poor underwriting results , at IIGL we are able to use our vast experience in this sector to support our brokers who have to replace these risks as their existing Insurers are unable to provide renewal terms. With no height limit, no restriction between premises based risks and work away, exclusive schemes, A rated markets and competitive rates, why not contact IIGL for these trades where we can also accept book transfers.
Dean added ‘Business is hard enough for brokers to win so we need to do all we can to make sure they can retain their clients. At IIGL, we pride ourselves on providing a prompt service, exclusive rates and wide product range that should be a winning formula for any broker’
With IIGL’s additional discounts for held business; they are looking to be brokers’ first choice for their renewal book.
If you’re interested in finding out more, please contact them at email@example.com or contact them on 0845 519 9050.