This rail business is a high quality electrical contractor specialising in design and build of electrical substations. They have their own manufacturing workshops for circuit board panels assembly. We identified that their current broker had made several key errors on the drafting of their insurance policies. Product Liability was covered to £5m but sub limited to only £1m for products manufactured.
There was no Public/Product Liability or Professional Indemnity cover for work other than for Rail/DNO which was a major exclusion.
The current broker had not made sufficient material facts disclosure about the activities and insured them on a per tradesman scheme for plasterers decorators and electricians.
We wrote a 12 page risk report explaining what the business did in detail which fulfilled our clients obligations to make a full material facts disclosure. We then actively sold the company as a high quality rail contractor that managed its risks very well to rail friendly insurers and reduced their annual premiums by 35% thus adding £16,222 to their net profit bottom line and providing far wider cover insuring all activities of the company correctly with no business critical gaps.