Here is our September 2020 edition showing some NEW risks FTA recently won. We have also added a couple of comments/ feedback from us and the broker involved (who of course remains anonymous).
At FTA, we like any risks from small to large and everything in between.
Fun fact: did you know FTA’s standard Professional Indemnity cover includes a Reinstatement?
LARGER & MEDIUM SIZED RISKS
- A Professional Indemnity policy around $200k in base premium.
Occupation: Beauty & Health Clinics
Turnover: AUD $30 million
Limit: $10M
FTA’s comments:
This is a large franchisor body of beauty and health clinics that required both franchisor coverage and vicarious liability for a small amount of treatments / medical malpractice risk. The broker was having difficulty with the current local insurer (who was on the account for 5+ years) in having them understand the relatively small treatment risks which they only provide to their franchise members as part of training. In addition, they had some franchisees that they wanted to cover but also had a % ownership in. FTA provided a tailored wording to ensure full coverage but taking into account the insured’s ownership of the franchisees. - A Professional Indemnity Excess Layer (XOL) policy around $20k in base premium.
Occupation: Design & Construct (commercial builder up to 1 – 3 floors)
Turnover: AUD $18 million
XOL Limit: $10M
Broker’s comment:
“I’m looking to place an Excess of Loss policy, however, I’ve hit a snag as many insurers won’t follow other insurers. Are you able to review and advise if this is something FTA can assist with? Otherwise, I need to look an alternative primary insurer.”
FTA’s comments:
FTA underwrite each risk, and the insurer, on every account. The broker needed the XOL to be turned around that same day and as such, due to FTA’s knowledge of the market and relevant wording, FTA was able to review the primary terms and rate and adjust our XOL terms accordingly in order to get a successful placement. The account was a 10+ year claims free smaller project D&C contractor requiring a $20M limit in contract. - An Association Liability policy around $14k in base premium.
Occupation: Trade Union providing advice, education, training and representation services.
Turnover: AUD $3 million
Limit: $10M
FTA’s comments:
Particular Unions have caused various issues for insurers. Through its expertise, FTA was able to provide a customised insurance policy that removed some covers the Insured did not want insured. We combined this tailored product with a competitive premium to achieve a successful placement for all parties involved. - A Combined PI & GL policy around $20k in total base premium.
Occupation: Registered Training Provider (RTO)
Turnover: AUD $30 million
Limit: $20m GL and $5m PI coverage
Broker’s comment:
“Team – can you call me regarding this URGENTLY? The client’s current insurer is not being cooperative and has given me a 7-day extension. Can you write this?”
FTA’s comment:
FTA provided the broker with our terms within 2 hours of this request. - An Information Technology policy around $5k in base premium.
Occupation: Software Engineering company
Turnover: AUD $5 million
Limit: $20m
FTA’s comments:
This company became to big for the facility offered by their current insurer and the policy had lapsed (no current cover). The holding broker requested to backdate the retro active date for 3 months as the insured previously enjoyed an unlimited retro active date. FTA was able to accommodate this request to ensure the Insured was covered again. - A Combined PI & GL policy around $13K in total base premium.
Occupation: Recruitment & Labour Hire, Sales and Marketing
Turnover: AUD $20 million
Limit: $20m GL and $10m PI coverage
Broker’s comment:
“I am remarketing this renewal which is due to expire in a couple of days and I would greatly appreciate you reviewing to consider offering a quotation. Sorry for the tight time frame.”
FTA’s comment:
FTA provided the broker with our terms within 2 hours of this request. - A Cyber policy around $4k in base premium.
Occupation: Funds Management company
Turnover: AUD $700K
Limit: $2M
Broker’s comment:
“Given you have assisted with their other policy; we were hoping you would partner again with us. Many thanks for your support.”
FTA’s comment:
Done√
But don’t forget … we also love writing SMALLER risks!
Below are a few examples of the smaller new risks we recently won:
SMALLER RISKS
- A Professional Indemnity policy of only $400 in base premium.
Occupation: Coaching & Consulting
Turnover: around $150K
Broker’s comment:
“We have a renewal which is due in 3 days and would like an alternative quotation. It is possible that we will move it away from the current insurers so I would appreciate your terms/comments in due course.”
FTA’s comment:
We provided terms for the broker within 30 minutes of this request. - A Combined PI & GL policy of only $200 in base premium.
Occupation: Bookkeeper, BAS agent, SMSF Auditor, Tax Agent
Turnover: $30K - An Information Technology policy of only $600 in base premium.
Occupation: Performance and Provision of Information Technology Services
Turnover: around $150K - A Cyber policy of around $1,000 in base premium.
Occupation: Online distributor of insurance policies
Turnover: around $200K
Broker’s comment:
“Great to chat over the phone just now. If you could please provide terms by tomorrow that would be greatly appreciated.”
It does not matter if it is a small, medium or larger risk; at FTA we will look at any submission that we receive into our inbox at [email protected]. We will also provide a Fast Turn Around of all your enquiries and quotes.
So… don’t hesitate to send us anything at all!