A major national construction company with annual revenues in excess of $250 million engaged The Lion Partnership to comprehensively review their insurance arrangements as part of a broader corporate governance review.
The review process included detailed policy wording reviews on their major classes of insurance. This review identified numerous weaknesses and restrictive policy conditions that could have exposed the organisation to substantial financial and reputable damage in a major loss that was not appropriately covered.
Following completion of the initial wording review, The Lion Partnership managed a complete tender exercise to provide insurance broking services involving multiple brokers with extensive expertise in the Construction space, ranging from major global broking firms to small, privately owned local broking houses that specialised in the Construction industry.
The client opted to reappoint their incumbent broker for a further twelve months subject to the achievement of numerous pre-agreed key performance indicators in line with the clients specific requirements.
We also provided assistance in developing a register of the organisations key risks and an insurable risk gap analysis to ensure the organisations' insurable exposures had been effectively transferred to the market.
Overall, the entire process helped the client secure major coverage enhancements under their insurance program combined with premium savings over 20%, both of which were achieved without changing insurers. This allowed the client to enjoy the long-term benefits of insurer continuity while providing the Board and Senior Management with the Corporate Governance comfort that preempted the review.
Only the right process and the right people will achieve the right results.
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