The Lion Partnership (TLP) was engaged by one of Australia's largest and busiest airport's (based on aircraft movements) to carry out an independent review of their commercial insurance and workers compensation programs.
While the Airport was happy with their incumbent broker and insurance carriers, they considered it good corporate governance to review the efficiency and cost effectiveness of their insurance relationships, just as they periodically review other service providers.
TLP was retained to carry out technical policy wording reviews on the clients major classes of insurance and to manage a competitive broker tender process.
TLP's wording review produced a 125 page report comprising more than 200 comments, observations and /or recommendations for change. The client also opted to appoint a new broker as a result of the preceding tender process that had proven experience in the Aviation sector, who later negotiated considerable cost savings of more than $375,000 on behalf of the client.
More importantly, the newly appointed broker also adopted and placed the proposed wording changes in accordance with TLP's technical review; thereby delivering the client with a far superior program from both a coverage and pricing standpoint.