Those who have been used to presenting larger risks in this class of business won’t underestimate the task involved in placing risks where the existing structures exceed £10m or where the works represent only a small percentage of the overall sum insured for works and structures combined. This challenge becomes greater when the existing structures are listed or of non-standard construction.
At Renovation Underwriting we have a number of strategies to deal with your more interesting cases but it’s important to make sure that we get decent information on a few things:
1. A survey of the existing structure or insurer appraisal is helpful.
2. An idea of the deductible or franchise that your client may be prepared to accept.
3. Details on any markets you have already approached.
4. Any information you have on the contractor that lends credibility and gives comfort.
The last thing we need is not quite as easy because you are not always in control of it and that’s time. Cases which are awkward and arrive late with tight deadlines are usually the worst to place at competitive terms. If you have the luxury of time please try us first so that we can give you a good indication of our likely rates and prospects of acceptance.
So far we have been able to offer terms on cases with existing structures in excess of £80m and combined works and structures in excess of £100m. So remember please don’t assume that because the competition has run out of steam its not worth talking to us, we believe that there is always a premium for the risk and a way to get it written given the time and information to do so. Just because it’s not a vanilla risk doesn’t mean we won’t write it on the same great basis as we do for simpler risks. If you see an opportunity give us a try!