A STUDY IN SUCCESS
PRIVATE CLIENT CASE STUDIES
Working with the right insurers to provide our clients with the best policy
wordings is our priority. We pride ourselves in managing the claim
process to achieve the best outcome for our clients.
Following a trip to Milan, a client lost a diamond earring. She had no idea where or when she lost it. The earrings had been valued the previous year and a copy of the valuation had been supplied to the insurer, ensuring an agreed value of the earrings at the outset. Upon returning the remaining earring to the insurer, the full agreed value of the pair of earrings of £18,000 was paid with no excess payable. A standard insurer would have only paid the value of one of the earrings less an excess.
A leaking pipe in a marble bathroom at a client’s London apartment caused extensive damage. The plumber had to remove most of the floor tiles to locate the leak, causing a number to be damaged in the process. The tiles purchased in Italy could not be matched, so the full bathroom was re-tiled at a cost of £25,000. A standard insurer would have only paid the costs to source the leak.
On their wedding anniversary, a client’s husband presented her with a beautiful diamond and sapphire ring. It was stolen some years later, and she was devastated – not only was the ring very valuable, it also had great sentimental meaning. So, instead of just giving her the money it was worth, the insurers sourced some equivalent gemstones from overseas and had another ring custom-made to match the original.
BUSINESS CASE STUDIES
Working with Insurers to provide our clients with the best policy wordings is our priority. We pride ourselves in managing the claim process to achieve the best outcome for our clients. Here are some of the examples of claims and work we have been involved with.
Through our Business Impact Analysis on a UK retailer, we identified all the business areas where an event or loss could have an effect on future revenue streams. The specific areas identified centred on the IT function which, not only controlled the business operations but provided valuable information throughout the retail outlets. It also had the website development where clients bought products and ordered services online.
Because the IT area was a key function not only were we able to look at the risk profile and make recommendations to reduce exposure, but we put in place a Cyber Liability IT policy which covered damage to the equipment, software and information. This also extends to cover acts by third parties attempting to damage their operation through malicious intent, virus, fraud and crime.
Working with an IT software company we analysed their contract conditions and exposure levels with their customers. This related not only to work done in the UK but also in the US. We made recommendations to restrict liability through limiting exposure to the amount of revenue per client. We put in place a number of insurance policies including Professional Indemnity not only in relation to the U but also to the US where the contract conditions make the subjectivity under US law.
We put forward recommendations for intellectual property infringement and put forward costs for covering defence should they infringe another company’s IP.
We worked with a food company and arranged a Marine Stock Through-put policy which covered the stock wherever it may be in the World, in transit, in store and at their locations. The company was responsible for delivering to supermarket chains and therefore subject to strict contract conditions and delivery performance. The policy contained cover for fines and penalties, loss of or damage to stock and business interruption and deterioration of stock should the goods not be delivered on time and therefore deteriorated through delay.
An employee of a warehouse distributor suffered back problems from lifting heavy packages. We had introduced to the company an Insured Rehabilitation Scheme. This meant that, instead of the employee making a claim for compensation, Insurers provided a valuable service through physiotherapy and rehabilitation techniques to get the employee back to work as soon as possible. This not only improved relationships, with the employee but also reduced the impact on the company.
A business consultant client acted as an interim finance director for a customer. When the company suffered a downturn the company sued the interim finance director claiming that his strategic advice had caused financial difficulties. We had arranged a tailor made Business & Management Consultant policy which paid for the defence costs and the ultimate liability for damages.
We arranged a Directors & Officers Liability policy for a manufacturing company. Sadly an employee was seriously injured and died as a result of his injuries. A Health & Safety investigation identified that the Director responsible for Health & Safety had not acted properly or complied with Health & Safety regulations. The relatives of the employee sued the Director for personal negligence and they also sued the company. Because we had arranged cover not only for individual Directors but for Entity cover for Corporate Liability, both areas of cover were attended to by the insurance company and defence of the company and the Director was paid for.
Our work in providing valuable advice through our Business Impact Analysis model, leading to a Business Continuity Plan, has helped many of our clients establish plans which enables them to recover through minimum disruption to their businesses. Whilst we arrange comprehensive insurance cover for our clients it does not guarantee that they will survive a disaster. Many companies who suffer a serious loss, such as a fire, often cannot recover their business sufficiently because they cannot get back the market share having lost customers to their competitors.