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

“Initially we engaged TLP to undertake policy wording reviews, and then appointed them to manage a broker review on our
behalf. The TLP process allowed for an objective appraisal of the broker proposals, a clearer understanding of the value of our business, and a fresh approach to our insurance program, ultimately resulting in many value added benefits.

Feedback was consistently given, with timely response to inquiries. The review provided for an objective assessment, and the timetable was adhered to.

RMS is new to the process of conducting a broker review. We were made to feel comfortable about the process with assurance of a good outcome. We were not disappointed!."

Jonathan Hale
Manager
Risk Management Services
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