MX Commercial Case Study: Commercial Combined solution for a telecommunications engineer

The Challenge

The Commercial Combined team were tasked with placing cover for a telecommunications engineer including civil engineering. With a clean financial record, the company's operations encompassed a standard construction facility.

For this new business case, initial assessments were carried out and a claims history revealed two instances of theft involving specific machines, prompting the implementation of proactive measures to prevent future incidents. 

The Specialist Solution

In response to the unique risk profile, Commercial Combined Underwriter, Nina Woollard, reviewed and accepted the risk. This comprehensive policy covered Material Damage, Business Interruption and Liability aspects crucial to their telecommunications and civil engineering operations.

Material Damage/Business Interruption cover:

• Standard construction and flood checks were conducted, ensuring that the location posed no significant risks.
• Sums insured were tailored to cover building, contents, computers, goods in transit and electronic and ancillary equipment, offering comprehensive protection against potential losses.

Liability cover:

• Nina collaborated with Lead Liability Underwriter, Russell Brown, to get the most competitive Liability rates. Employer's Liability and Public Liability coverages were formed to address the specific wage structures and turnovers associated with both clerical and manual work, as well as the distinct aspects of cabling and civil engineering.
• Contractors All Risk (CAR) coverage was fine-tuned to encompass the intricacies of the client’s operations, including coverage for any one contract, hired-in plant and own plant.

Referral and endorsement considerations

The broker initiated a referral for rate adjustments, reflecting the client's preferences on excess amounts. Various endorsements were applied to the policy, aligning it with specific business practices, security standards and risk mitigation measures.

Claims mitigation strategies

Following the occurrence of theft claims for specific machines, the client implemented proactive measures to prevent future incidents. These included regular inspections, ensuring locked van doors, and planning for additional security measures like slam locks/deadlocks.

The Outcome

The tailored Commercial Combined cover proved to be a robust solution for the client. The thorough consideration of their risk profile, including the intricacies of their telecommunications and civil engineering activities, ensured comprehensive protection.

• Financial stability: With no financial issues and a clear Credit Safe status, the client demonstrated financial stability, contributing to a seamless underwriting process.
• Risk mitigation measures: The implementation of enhanced security measures, as suggested in response to previous theft claims, showcased the client's commitment to risk mitigation and loss prevention.
• Operational flexibility: The flexibility of the policy allowed for adjustments, such as changes in height conditions and endorsements.