This is a specialist and rapidly growing rail contract lifting business, working predominantly with Network Rail and their Principle Contractor Licence holders.
After only one meeting, the client decided to appoint Jobson James Rail as their broker on all classes of insurance with immediate effect, due to our specialist rail knowledge, the quality of our people and the quality of advice provided in the meeting.
We then analysed all insurance contracts for suitability of cover and pricing and it quickly became apparent that the previous broker had placed the insurance contracts the year before at prices we felt were uncompetitive. We wrote a bespoke 17-page broking presentation about the business that explained the risks that the business faced and how they were managed to a high standard, which we issued to the client for sign-off and then to insurers upon which to base their quotations. The presentation helped us convince underwriters that they could go far lower with their rating than previously possible.
As a result of our unique, risk management tailored approach, we reduced the Employers’ Liability premium by 35%, the Public Liability premium by 32%, the Motor Fleet by 25% and the Owned/Hired in Plant by approximately 40%, despite increasing cover for goods on hook and widening the cover for machinery movement.
Jobson James Rail also realigned the insurance policies so that all policy renewal dates coincided on the same day each year, simplifying the administration of the programme for the client.