A passenger transport operator in Somerset was using a large national broker for its insurance arrangements. Although the company was relatively happy with the service they were getting, they accepted a free, no obligation insurance and risk management audit from one of our expert advisers.
Belmont’s insurance and risk management approach
We carried out a full insurance and risk management audit to identify the current policies in place, their suitability, the insurance cover they provided, and at what cost. The assessment identified that:
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The company was receiving a lack of claims advice and information from its broker
- Contact from the broker was minimal and irregular
- They were being over-charged for the policies that they held
- The current indemnity policy was unsuitable and could prove to be a waste of time and money
- The passenger transport vehicles weren’t covered by the insurance policy when they were at base
Belmont’s insurance and risk management recommendations
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The client should be receiving a more personal and enhanced service
- ‘Re-instatement as new’ should be included on their insurance policy. This would ensure that if more than one vehicle was put out of action in the same incident, only one claim would need to be made. In addition, vehicles could be replaced quickly and at no additional cost
- Cover should be provided for the vehicles when at base
- Protected claims should be added
The results for the client
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They now have enhanced cover, including ‘re-instatement as new’ and increased business insurance cover, giving the ability to hire alternative vehicles if necessary
- We were able to provide a 25% saving on the previous premium price
- We increased public liability from £2m to £5m
- Renewal information is provided two months in advance, enabling the client to budget more effectively
- The client has protected claims
- The client receives a dedicated, hands on and proactive service
“It is essential for operators to be provided with renewal information as early as possible. This ensures that they are getting the best policy and the best price for them, they are able to budget effectively, and they are not renewing as a matter of course, but in a fully informed and timely way.”