Last minute underinsured groundworker on cover
A £4m turnover groundworkers was hugely underinsured due to rapid growth, meaning any potential claims could be rejected.
“Our premium costs were rising year on year, and we were not insured correctly. Ascend carried out an in-depth review and suggested ways in which we can reduce our premiums and insure the building correctly.
Stuart has been with us every step of the way, tirelessly working to reduce our premiums. Whenever we contact him, we get a response, whether it’s during office hours, evenings or weekends.”
Sector: Construction
Sub Sector: Groundworks
The Problem:
The client had experienced sustained rapid growth from their incorporation 5 years ago and had used an online insurance product built for SME’s which they simply renewed each year, not realising or understanding what could happen should a claim arise.
In January, on allowing Ascend to review their current policy, it was quickly discovered that:
- The company was underinsured
- There was a need for continuous cover with current contracts
- There was a very tight turnaround time before renewal
The Solution:
The client provided their Account Executive at Ascend with their documents, which were studied immediately.
The process was as follows:
- Honest open review provided within an hour of receiving the policy documents
- Fact-find carried out
- Presentation written up
- Market approached and contract certain quotes received
- Placed on cover within 3 days
Throughout the whole process, the client was kept updated in honest and open conversation so they could understand:
- The issues with the current policy
- The likely increase in costs due to the increase in cover
