Case Study

Stuck in a long-term agreement? No problem!

Competitive markets for food & janitorial wholesaler

“Upon contacting Steve at Ascend Broking, I felt he took the time and effort to understand our business, review the policies we had in place and advise me on the best route forward.

He gave me peace of mind that my business is covered from the risks we face on a day-to-day basis. He was able to reduce our premiums in all areas whilst including additional covers for risks we did not know we were exposed to as a limited company.”

Sector: Wholesaler

Sub Sector: Wholesale of food & janitorial supplies

The Problem:

The client was looking to tender their insurance policies to market without realising their commercial combined section was still in long term agreement until 2024.

The Solution:

The client was contacted by Steve Gillespie at Ascend following an introductory conversation earlier in the year. We had an open and honest conversation about what their business activities were, and which markets were available to them. We arranged a site visit to meet each other and view business activities.

We discussed their existing arrangements and identified they wanted to risk-manage their liability cover to increase their £5 million to £10 million via an excess layer. We also provided a loss adjustor service.

Following the face-to-face meeting, the process was:

  • Minutes were issued, confirming sum insured and covers agreed on
  • A detailed fact-find meeting covering the highlighted areas, including hazardous goods exposures
  • 20-page presentation sent to insurer
  • Insurer market responses and confirmed quotations issued to client in person, discussed through the cover adjustments

We discussed the quotation in direct comparison, and we were competitive on each and every policy section. We were informed at this point that they had still had an agreement with their commercial combined provider until 2024. We offered a transfer of agency on this basis, to still provide the most competitive option whilst honouring the agreement until 2024.

The recommendations were explained in full, and the motor fleet provider was able to offer a 1% interest rate loan via our exclusive scheme.

Following our meetings, we provided a comprehensive policy to include:

  • Motor fleet
  • Commercial combined
  • Goods in transit (including hazardous goods)
  • Directors & officers
  • Loss adjustor service
  • Engineering inspection
  • Public liability excess layer

The client was happy with the outcome of our thorough review and understood the quotation in full, prior to accepting.

We were able to provide a solution with an A-rated insurer, and we are local to our client so we can be on site whenever they need to discuss future proposals. Their account executive is also on hand 24/7 via their mobile and emails.

Consultant: Steven Gillespie

Steven.gillespie@ascendbroking.co.uk