Risks we Recently Won (August 2024)

Explore the range of risks that brokers are placing with FTA.

At FTA Insurance, we are always keen to win more new business!

Whether it’s a small, medium, or large risk, we welcome all of your submissions.

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Here are some examples of the risks we secured in July 2024:

Professional Indemnity – Labour Hire Company
Activities: This company specialises in recruitment, training, and payroll management, providing both white-collar on-hired staff, such as accountants and bookkeepers, and blue-collar on-hired personnel, including construction workers and static guards.
Revenue circa: $300,000
Policy Limit: $10 Million
FTA’s comments:
The Insured operates a business offering labour hire for a diverse range of roles, from traffic management consultants to accountants and bookkeepers, encompassing both white-collar and blue-collar positions. Although the company was established only last year, their insurance broker recognised the need for a comprehensive Professional Indemnity insurance solution and turned to us. At FTA, we provide some of the most extensive and competitive insurance solutions for labour hire firms. As a result, the broker successfully arranged coverage with us, securing a policy with a $10 million limit and a premium of approximately $14,000.
Combined Professional Indemnity & General Liability – Event Services
Activities: Conference and Event Management for Non Profit & Corporate Organisations; Association Management.
Revenue circa: $3,5 Million
Policy Limit: $1M PI + $10M GL
FTA’s comments:
The Insured operates a business that supplies equipment and resources for planned events and services, with some revenue coming from the US. Their staff does not engage in manual labour, as all stage erection, lighting, and similar tasks are handled by third-party suppliers. FTA provided a competitive quotation with Professional Indemnity coverage of $1 million and General Liability coverage of $10 million, for a combined premium of approximately $8,000, including US territorial coverage.
Information Technology – IT Consulting Services
Activities: This company specialises in providing information technology services and products, as well as offering management consulting services.
Revenue circa: $3 Million
Policy Limit: $5M PI + $20M GL
FTA’s comments:
This company was previously insured with an Australian insurer but was dissatisfied with the renewal terms offered. The insurance broker approached FTA, recognising our track record of successfully addressing their clients’ needs where other insurers had fallen short. We were pleased to welcome this client to FTA, securing a comprehensive IT policy with $5M in Professional Indemnity coverage and $20M in General Liability coverage, for a premium of approximately $4,000. A win-win for all parties involved!
Management Liability – Recruitment and Labour Hire
Activities: Business and Consulting Services
Revenue circa: $4 Million
Policy Limit: $2 Million
FTA’s comments:
The company has been insured with FTA for their combined Professional Indemnity and General Liability policy for the past three years and was now looking to transfer their Management Liability policy to us as well. Although we were unable to secure this Management Liability account last year due to pricing, we have since adjusted our rates and were able to provide a competitive quote this year. We were pleased to learn from their insurance broker that our terms, along with our strong policy wording, were the most competitive in the market. As a result, we secured the risk with an insurance limit of $2 million and a premium of approximately $1,400.
Design & Construct Insurance – Residential Builder
Activities: A residential builder engaged in both internal project management and construction management.
Revenue circa: $7,5 Million
Policy Limit: $5 Million
FTA’s comments:
This company previously did not have a Design & Construct (Professional Indemnity) Insurance Policy in place. Fortunately, their insurance broker strongly advised them to obtain this crucial coverage. At FTA, we consistently recommend that builders secure a Design & Construct policy, as they are often the first to face claims. Without such coverage, builders can face significant legal fees that may lead to bankruptcy. With a D&C policy from FTA, we manage these legal costs and proceedings, allowing builders to focus on their operations. We were pleased that the broker persuaded them to protect their business, securing a policy with a $5 million insurance limit and a premium of approximately $14,000.
Association Liability – Not For Profit Association
Activities: Professional association for auditors, hosting webinars and providing professional development hours.
Revenue circa: $400,000
Policy Limit: $5 Million
FTA’s comments:
The broker informed us that their client previously had Association Liability insurance, but the policy was canceled due to the association’s slower growth. Now that the association is expanding rapidly, they approached their broker for new insurance quotations. The broker obtained terms from the market, and the client chose to place the risk with FTA. We were pleased to offer coverage with a $5 million limit and a competitive premium of approximately $1,600.