Our role as your insurance broker is not just to provide quotations and arrange insurance policies on your behalf.
Below are some of the services that we offer:
Business Interruption Reviews
We have specialist tools to assist clients calculate the correct sum insured or declared value for this important area of their insurance program.
We also have access to external consultants who have been accredited by our major insurers
If our specialist tools or those of our external consultants are utilised to calculate the correct level of cover, you will not be prejudiced in the event of a claim through the imposition of the average or co-insurance conditions in policies
Commercial Property Leases, Tender Documents and Contracts often contain onerous conditions that if agreed to may void insurance policies.
We have the expertise to review complex contracts and advise on the impacts to your insurance program and where necessary we can assist to negotiate a fairer contractual outcome or to modify your insurance policies to suit.
Due Diligence Reports/Reviews
In today’s high regulatory compliance regime, it is important for company executives to fully review their risk exposures.
It is not uncommon for insurance programs to become “stale” if not reviewed on a regular basis. We have seen many instances in the past where businesses have grown and the insurance program has not grown with the business.
Risk retention may occur in many ways, for example:
- By under-insurance (eg, if your sums insured are inadequate, and Co-Insurance provisions are applied, you are treated as part-insurer of all such losses).
- By inadequate loss limits (eg, if your Public Liability limit is insufficient, you are your own Insurer for the excess, plus a proportionate share of any legal fees).
- By non-insurance (eg, if you elect not to insure a risk like “Motor Vehicle – Own Damage” you must stand all such losses yourselves).
- A self-assumed or imposed Deductible or Excess under a policy.
Our concern lies not so much in the fact that you may retain certain risks, but that you may do so without fully recognising the fact and making a deliberate policy decision to do so. Such decisions should be reviewed from time to time in the light of changing circumstances. A potential problem area could arise from a series of losses, each subject to a heavy deductible.
A further concern is the possibility of the aggregation of self-insured risks which, in the event of an incident giving rise to a variety of claims, could lead to a combined loss figure well above the acceptable level of retention (eg, a fire or explosion at a major location could involve Fire, Business Interruption, Motor Vehicle and also Cargo on vehicles parked, not to mention Legal Liability for injured workers or third parties).
Are you considering purchasing a going concern business? You have probably done or are considering conducting financial due diligence on your prospective purchase, however have you conducted an insurance due diligence to ensure that the current owners have adequate insurance in place and that you won’t be faced with any potential liabilities in the future?
Our experienced staff can conduct a thorough review of your existing insurance arrangements and provide a written report for your consideration and attention.
Financial Planning Services
We have partnered with Fortuna Financial who are a boutique financial planning firm dedicated to helping their clients make informed decisions about their financial futures.
Working in partnership with Fortuna allows both firms to provide an holistic solution to the insurance and risk requirements of our mutual clients.