The team at Jensten London Markets is tested every day. Helping brokers place risks that are too large for other insurers, too technically complex, or even those with a ‘not so great’ claims history is what we excel in. It’s a challenge, but our depth of relationships with insurers and focus on ongoing service set us apart and mean we consistently deliver for brokers. That’s something we are proud of. You may have seen on our LinkedIn page that we’ve recently been sharing some success stories. Here, we are rounding them up (just in case you missed them).
Fleet:
Our broker held a large Haulage Risk with another wholesale broker. The client had been loyal, having been with the same insurer for over 4 years.
The holding Wholesale Broker had advised that they had covered the market. However, after discussing the risk with one particular market, they agreed it was worthy of a more in-depth review.
The broker provided detailed information relating to the claims, focusing on outstanding incidents, where the fault lay, whether any reserves were likely to be paid, and if so, at the level they had been reserved at or potentially higher or lower.
With this information, we re-engaged with our underwriter and obtained a more competitive quotation and favourable terms. The risk was secured, and a meeting involving the broker and underwriter was swiftly arranged to ensure that the claims process and procedures were fully explained to ensure a seamless transition and a complete understanding of how any incidents would be dealt with.
Property:
We were approached by one of our brokers looking for terms on a prestigious Grade I listed hotel. Our team moved quickly and succeeded at sourcing terms within 12 hours. Instructions were received to bind cover from the client; however, it was then discovered that the insured had multiple unpaid CCJs (County Court Judgments) that had not been previously declared.
In light of this new information, the Underwriters withdrew their terms.
While this was an initial setback, our team excels at handling risks with a story, even those with a poor financial history. Through the team’s expertise and market relationships, we were able to secure terms with alternative markets, at a more competitive premium offering significant savings of around £40k compared to other London Market options.
Fleet:
We were provided with a presentation for a client who collected and transported goods for charity. In this case, the incumbent insurer could not offer renewal terms for this well-performing risk because the client had formed a new company due to legacy issues with the previous firm, which had been liquidated. This resulted in the client struggling to obtain hire vehicles, fuel cards, and more. Additionally, the broker had approached several markets but was unable to obtain terms due to the circumstances.
Following detailed discussions with the broker, who had held the Risk for approximately 10 years, to understand the issues fully, we agreed that we would undertake a targeted approach to the market and, therefore, engaged with a single insurer.
The insurer in question accepted the history of the client and offered a quotation which was accepted by the client, ensuring that they could continue to trade, and the broker could retain this long standing client.
Fleet:
We had been approached by a broker regarding a local Self-Drive Hire operator, who was struggling with high insurance costs for his business. The risk had been presented to another wholesale broker, but they were unable to offer terms.
We approached our markets and sourced a quotation from a market that had not been approached by either of the other involved parties.
We managed to secure a competitive quotation, which was accepted with the additional benefit of including cover for off-hire, which the client had previously had to arrange under a separate Motor Trade policy.
All of this resulted in a saving to the client of around 20% against their invited terms.
Looking for help in placing challenging risks? Contact the Jensten London Markets team for experienced support to help you find the right cover for your clients.