Multinational Retailer: Corporate Risks Insurance
Background
Our client benefitted from a very favourable insurance rate with a UK based insurer, with whom they had enjoyed a lengthy relationship.
As a result of our client’s expansion into overseas territories, coupled with significant increases in turnover, the insurer advised that it would no longer be able to underwrite the retailers’ insurances alone. This meant other insurers would need to be brought in to schedule to share the risk.
Problem
Because our client was on such a favourable rate, no other insurers were prepared to match the same terms. This meant our client faced the prospect of large premium rate increases being applied across the whole of the policy, including its existing cover.
What we did
Through our relationships with the two new insurers involved, Centor was able to negotiate the premium rates back down to their former levels by working with the client to demonstrate excellent risk management practices.
Outcome
Our client saved in excess of £40,000 and was amazed that we had been able to negotiate these terms on their behalf in spite of their significant expansion.