Monthly Summary #QotW – April 2021
It’s clear that we have come up with some solid solutions for Contracting Risks and Motor Fleet. These two areas haven’t been hit as hard by the change in market conditions as other areas, but nevertheless present some challenges where local markets and composite insurers struggle.
At Compass London Markets we use a mixture of delegated authority binder arrangements and open market placements to come up with quotations and meet our goal of “finding solutions for challenging risks”.
Here are some good examples.
“Often we find ourselves in a situation where risks have been to the market before we see them.
Our fleet team found themselves in such a situation with a taxi fleet that had been round the block in the London Market already.
We spoke to one of the underwriters on our extensive panel who hadn’t been approached and came up with a deal that drove the business home.”
“We’ve gone green for this week’s QotW! We had the power to source a solution for a new venture, an Electrical Contractor specialising in working on off-shore windfarms including work outside of the UK.
A cover placed for Combined Liabilities with one of our A-rated underwriter partners for an electrifying result.”
“Many London Markets aren’t interested in the mini fleet business. This is not the case for Compass London Markets, we operate binders and facilities that this week helped out a struggling client.
The client had only one year’s claims experience on a fleet basis and a large claim to boot. We agreed on a solution on our fleet binder leaving the client over the moon with a competitively priced policy.”
“Sometimes we are approached to help find a solution for a business where things have just gone wrong.
We were approached to help a broker find a solution for a Building Contractor that had suffered some significant claims and HSE issues.
The CLM team worked with a leading market underwriter to put together a programme that encompassed insurance and a Health and Safety improvement plan.”
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