In the event of a major incident which could affect trading, company profitability and potentially reputation, insurance is a particularly vital financial back-stop.


stance on claims and insurance policy application. This could lead to more coverage disputes and greater uncertainty for companies.


An industry claims specialist comments “I’d say its verging on dishonest; companies are induced to taking out policies in the belief that they’re covered, but with insufficient advice from insurers (or brokers) over what should be disclosed. The duty for brokers to provide this advice is often inadequately fulfilled”. Mactavish state however that the “… widespread shortcomings in the disclosure and placement process which are at the heart of these problems are definitely addressable”.


Companies can either do nothing and run the risk that their insurance programme will respond or invest a little time and effort to ensure that they are best protected and have:


n A transparent service level agreement and delivery plan from their brokers.


n A detailed risk profile which fully explains their risks, exposures and processes.


n A positive dialogue both with its brokers AND insurers (and confidence that their chosen broker fully understands their risks and exposures and can professionally convey this to insurers).


n A clear and concise, yet robust, documented risk management programme which helps and guides clients achieve best practice.


n Trust in their broker to constantly monitor the horizon for upcoming threats and risks.


All too often insurance brokers treat clients and the purchase of insurance as a commodity and fail to secure and demonstrate an in-depth client knowledge or operate a consultative model. A deep, embedded and positive engagement, together with a structured service delivery programme, is becoming much more vital in the current climate to ensure insurance responds to unexpected losses.


Your broker must ask questions and understand the intricacies of your activities and processes, culture


and requirements and then apply their specialist skills to create the most appropriate and comprehensive insurance and risk management led programmes. This acquired risk knowledge must then be presented to insurers in a timely and professional manner. The days of a proposal form and sums insured details being sufficient are long gone. You need to be assured that insurers are aware of all Material Facts to ensure the chance of a disputed claim is minimised.


Mactavish contends that insurance is unreliable and becoming more so and that the disclosure process and subsequent insurance placement are deeply inadequate and create unnecessary risks for companies, when they most need certainty. With planning and in partnership with your broker, these risks can be mitigated or eliminated to ensure that you are best protected when you need insurance most. n


Company Profile


Being in business is about taking risks. Running a successful business is about managing those risks.


The Insurance Partnership is a fully independent and authorised insurance broker and risk management advisor. Our success is based on the amalgamation of old and new business principles to provide client- focused solutions. We still believe that insurance is a “people” business. We have the right people to deliver a personalised service-driven strategy, dovetailed to each of our client’s specific requirements.


The services that we provide are wide-ranging, from corporate insurance (which can involve multi- national complex insurance programmes with captive and self-insurance) to bespoke commercial insurance offerings. We also know that it is not just about having good products, but about the delivery. Our clients can be assured that our team of professionals will be with them every step of the way, advising, guiding and working in partnership to design an insurance solution specific to each client’s needs (and most importantly, supported by a robust risk management programme).


The days of a proposal form and sums insured details being sufficient are long gone. You need to be assured that insurers are aware of all Material Facts to ensure the chance of a disputed claim is minimised.


Risk and Insurance in Private Equity and M&A 2012/13


The Insurance Partnership is committed to the delivery of a first class service and being of value to each and every one of our clients.


Our claims service is the backbone of our proposition. Whether clients are at the mercy of a major disaster or facing the inconvenience of a small claim, our team’s professional, efficient and timely support will be there when it is needed most.


We boast one of the most experienced and hands- on claims teams, ensuring that in the event of a major loss, our client’s business is back up and running as soon as possible and that all claims, no matter how big or small, are dealt with swiftly and efficiently and with little disruption to the business.


Author Viewpoint 53


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