This is a specialist rail contractor with six different revenue streams – labour supply, railway training school, safety package contractor providing products and staff to operate rail safety systems, rail civils packages contracting and general rail consultancy.
We found that their Liability and Works insurances did not match their business activities and the company was exposed for key areas of activity. Jobson James Rail analysed the cover they had, carried out a critique of their terms and conditions recommending alterations to reduce/mitigate their liability to protect their insurance claims experience and interviewed their head office management team to understand how risk was managed in the business and their investment in accreditations and training.
We compiled a 20 page risk analysis that our client was happy with and secured competing quotations from specialist rail insurers. We secured a £40,000 premium reduction across of their insurances which equated to 37% of the expiring premium of last year’s rates used on this year’s estimates.
We meet the client quarterly and we are helping them by ensuring that the insurance keeps pace with their face growing and evolving business.