We were invited to tender for a local Ayrshire business within the textile industry who had been arranging their insurance with the same broker for 20 years. We agreed specific parameters regarding the quality of insurer, policy benefits and timing. We produced a programme that met the required specification and, whilst our client expressed their wish to proceed on that basis, it was clear that their preference was to remain with their current insurer.
Following our appointment as the broker, we contacted the existing insurers and negotiated with them the reduced premium and enhanced cover detailed in the programme that we had designed. Our client therefore received the increased benefits while remaining with an insurer with whom they had a long track record.
Shortly after our appointment, we uncovered a number of issues surrounding outstanding risk requirements laid down by the insurer which had not been completed – therefore leaving the client exposed to the possibility of a future claim being refused. We quickly arranged a programme of works with the client, agreed by their insurers, and realistic timescales were set to the complete the requirements.
During this period the firm suffered a major flood, causing closure of the factory. The total loss, including loss of profits, was in the region of £300,000.
The claim was met in full.
Without our involvement, the client would not have made the initial premium savings and the claim for flood could have been denied due to their failure to comply with the insurers improvement programme.
WHAT OUR CLIENTS SAY
“We have worked with Murphy Insurance for many years and always received professional guidance to the highest standard“
Ayrshire Precision Engineering Ltd
“Tom and his colleagues take the time to properly assess our requirements and come back with various options, allowing us to make an informed decision. I would say our renewals are almost a pleasure!”