This client is one of the UK’s leading Plant/RRV Providers and a Multidisciplinary Principal Contractor carrying out PWAY, Civils, M&E, S&T and OLE projects directly for Network Rail and as a Sub-Contractor to other PCLs.
Following a detailed review of their insurance cover, Jobson James Rail identified that premiums were unreasonably high, as were the policy excesses in respect of plant, motor and third party liability claims. We pointed out numerous, rail-relevant gaps in cover which had left the client both uninsured for day to day exposures and in breach of a contract had an accident/claim occurred. The client had received very little support from their previous broker in the management of claims (particularly motor) and they did not know of the current position on many of their claims.
Jobson James Rail carried out a detailed fact find to carefully understand the risks that the business faces and the excellent systems that are in place to manage these risks. We suggested further methods of reducing risks that the business has since adopted. We wrote a 33 page risk report describing this in detail and we analysed their contracts to understand their contractual liabilities. We used this information to sell our client to underwriters and successfully negotiated substantial premium savings and an enhanced retrospective premium rebate for the expiring policy year by an additional £95,000 that would not have previously been paid by insurers.
EL/PL rates were reduced by 25%, Fleet rates by 39%, Excess PL rates by 32%plus further reductions resulting in a premium saving of over £211,000 compared to the previous broker’s rates. The larger policy excesses were also reduced, gaps in cover closed and Business Interruption extended to insure incidents both on sites and in transit.
Jobson James Rail agreed to work closely with the client moving forward and conduct regular review meetings with all divisions of the business to ensure that the insurance programme evolves as the business grows.