PRESS RELEASE
Incorporated Insurance Group
‘IIGL TO HELP BROKERS REPLACE GABLE BUSINESS’
Following the news about Gable’s appointment of PWC as Administrators, a number of brokers appear to be unsure about where this leaves their clients’ existing cover, as they are still insured with the carrier. Brokers remain undecided whether they should replace their books of business, there is growing concern that if Gable fail, then the Policyholder will have to claim against the FSCS (Financial Services Compensation Scheme) which will only pay 90% of any non-compulsory insurance payment. This means that Contractors with large losses could see themselves paying up to £500,000 towards the costs of third party claims.
So should brokers look to advise their clients’ to replace this business or leave it until renewal therefore risking a hefty PI claim if their client has an underpaid claim? One provider who has been looking at this dilemma is Incorporated Insurance Group Ltd (IIGL). Their solution seems to be a range of deals including additional discounts for Gable business and offering to cover Gable clients for free until their renewal date.
Mike Smith, CEO of IIGL, commented ‘Brokers are stuck between a ‘rock and a hard place’ as they often haven’t properly explained to their clients the risks of insuring with an unrated carrier in the first place so how do they now tell the client that they have to replace the business before renewal; which will cost the client more money and potentially damage the credibility of the broker?’
Mike explained their rationale ‘IIGL specialises in Contractors business and we don’t want this latest situation to affect our industries reputation within this sector so we have worked with our ‘A’ rated carriers to provide a rescue package for this business. For brokers who have individual cases, we have negotiated additional discounts of up to 25% to help ease the cost to the client and, for brokers looking to move several cases, we have arranged to provide FREE COVER for clients up to the renewal date of their policy.’
Mike Smith continues ‘We only deal with independent regional brokers so it’s important to us that we support them in times like these and also help to show the commercial sector that insurance is a reliable industry and we are there to protect them. We are therefore looking to hear from brokers who want to provide their clients with a cost effective option’.
Brokers with books of business are requested to call IIGL today on 0333 577 0477 for further information.
About Incorporated Insurance Group Ltd
Incorporated Insurance Group are a traditional MGA based in Essex and are part owned by the employees ensuring all members of the team are focused on delivering a top quality service to our regional broker partners.
The team’s extensive technical knowledge and many years’ experience in UK insurance market has enabled them to obtain highly competitive binding authorities from well established ‘A’ rated insurers. They deal exclusively with the needs of brokers and give them the support to survive and build their businesses in an ever increasing competitive insurance market.
They operate an ‘open house’ policy with their in house underwriters and other key individuals including senior managers and executives, each of whom have the power to make instant decisions thus enabling their broker relationships to grow and strengthen.
Although IIGL is a dynamic technology enabled company, they will never step away from having an old fashioned flexible underwriting approach towards business. Whether dealing with brokers online or face to face, they believe traditional business ethics should always come first.
