Airport and Aviation

Regional Airport with assets of more than $4bn required a comprehensive review of their commercial insurance and Workers Compensation programs.

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Background

The Lion Partnership 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 their insurance relationships' efficiency and cost effectiveness, just as they periodically review other service providers.

Approach

We carried out technical policy wording reviews on the clients major classes of insurance and manage a competitive broker tender process. The Lion Partnership’s wording review produced a 125 page report comprising more than 200 comments, observations and /or recommendations for change.

Solution

The client opted to appoint a new broker due to 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.

The newly appointed broker also adopted and placed the proposed wording changes following The Lion Partnership’s technical review, thereby delivering the client with a far superior program from both a coverage and pricing standpoint.

Testimonial

"The Lion Partnership (LP) has developed a good process to achieve the goals set down. Relationships with all brokers were good, and the business-like approach of LP ensured a solid evaluation and outcome. Even though we ended up remaining with the incumbent broker, we (and they) gained a lot of knowledge.

We achieved monetary savings as well as improvements in scope of cover. The process is sound and gives a good basis for evaluation of the responding brokers. It is a systematic exercise which LP have developed over time and allows good comparison of the responders."
Stevenson
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