How does FTA make Brokers look good in front of their clients?
Not only did FTA Insurance win the 5-Star Excellence Awards for its great Insurance Products in 2021….
We would also like to highlight the WINS achieved with our Brokers and their clients over the past few months, as there have been many!
With our Fast Turn Around time (24 – 48 hrs), outstanding coverage, and highly competitive premiums, it is a win-win situation for many brokers when dealing with FTA.
FTA has plenty of capacity and the willingness to keep writing new business…even in a hard market!
No matter how big or small the risk, we will underwrite each risk individually and communicate accordingly with our brokers. We appreciate all ongoing support and in return…FTA enjoys doing the same for you!
Some of FTA’s LARGER key wins this month were:
- A NATIONWIDE PROJECT MANAGEMENT COMPANY SEEKING A PROFESSIONAL INDEMNITY POLICY FOR ALL ITS ENTITIES THAT HAVE SEPARATE BUSINESS ACTIVITIES.
Around $50 Million in turnover
FTA’s comments:
This nationwide Project Management company, responsible for large institutional construction jobs, was seeking a Professional Indemnity insurance policy for all its entities which each worked on a variety of projects. Due to the complex nature and wide variety of the insured’s
business activities, projects and government requirements, FTA had to come up with a complex Professional Indemnity program for the insured with multiple policies. We had regular discussions with the broker, organised several via video conferences with the insured (and broker) and FTA were able to temper the insured’s expectations in respect of the current changes within the market. FTA customised its wording for the insured to ensure that all its entities were appropriately covered and offered this suitable market price. This policy was subsequently bound, and all parties involved were happy with the outcome.
- AN INFORMATION TECHNOLOGY SERVICES COMPANY WITH LARGE OVERSEAS COMPONENT PROVIDING AN LOA TO ONE OF OUR BROKERS.
Around $5 Million in turnover
FTA’s comments:
Our Broker received an LOA on this account and was asked to go to market to try and seek other/ better terms as the current Insurer was too slow with issuing their renewal terms. The insured had an Information Technology (IT) insurance policy in place (with a Cyber extension included) but after talking with the broker, it was discovered that the current IT policy would not provide sufficient coverage for the Insured’s business activities. We recommended to separate the cyber component completely to provide full coverage on two separate policies instead; IT and Cyber insurance so one policy would not affect the coverage of the other. We were competing with one other insurer and ended up winning the account for the broker. - A COMBINED PROFESSIONAL INDEMNITY & PUBLIC LIABILITY INSURANCE POLICY FOR A LARGE MARKETING COMPANY.
Around $5 Million in turnover
FTA’s comments:
Broker was asked to remarket this account as the Insured was no longer happy with their current insurer. Their revenue had significantly reduced due to the impact of Covid-19 and were expecting a reduction in premium, but their renewal terms showed a roll-over in premium as that insurer was remediating its portfolio.
FTA targets low risk insureds and thus were able to assist the broker and insured by offering the same type of coverage but with a 40% reduction in premium which was more appropriate for the size of their business and the type of risks that come along with it. Needless to say, this combined PI & GL policy was instantly moved to FTA Insurance. - A LARGE SAFETY CONSULTANCY COMPANY SEEKING A FULL $20M LIMIT ON BOTH THEIR PROFESSIONAL INDEMNITY & PUBLIC LIABILITY INSURANCE POLICIES.
Turnover circa $5 Million
FTA’s comments:
This broker struggled to find an insurer that was able to provide the Insured with a full $20M limit on their Professional Indemnity and Public Liability policies which was a contractual requirement. Some of the Insured’s business activities had changed where they were going to be part of more hazardous projects this year hence no one was willing to provide full $20 million limits. The broker informed us that they had approached 40 markets without any luck and even finding Excess Layers had proven to be challenging. Insurers were unable to follow each other, significant exclusions were applied to exclude the hazardous work, or the premium was bumped up to a price that became unaffordable for the Insured.
After numerous negotiations with the Broker, FTA offered its support by providing a few options for the Insured, i.e., providing excess layer terms, providing primary terms or… providing full limits but with a negotiated policy wording that was acceptable for all parties involved. The latter was successful, and the Insured enjoys full coverage with sustainable premium terms. This is another example where FTA is showing its loyalty to its supportive brokers and that we try to assist them wherever we can. - TWO OF OUR SUPPORTIVE BROKERS ATTACKING THE SAME ACCOUNT AND COMING TO FTA FOR TERMS! SEEKING PI & GL FOR A CONSULTANCY/ PROJECT MANAGEMENT COMPANY.
Turnover circa $1.5 Million
FTA’s comments:
It probably does not surprise you that FTA has never seen as many LOA’s as over the past 18
months as ever before. Due to the hardening insurance market, clients are asking their broker to go to market, or they are trying to seek better terms themselves with another broker. FTA always tries to win the account for our supportive broker whenever they have received an LOA, but on this occasion, we were in a bit of a pickle as we received the same submission twice from two of FTA’s supportive brokers. Moreover, we received them only 1 hour apart!
As part of FTA’s loyalty to our brokers, we never allow our terms to be shopped around. We give them to one broker, and that broker only! In this case, we decided it was only fair to provide FTA’s terms to the broker who sent it to us first. We rang our other supportive broker to inform them of the circumstances and that we would support them again on their next opportunity. The broker understood what happened and appreciated FTA’s approach. In conclusion, the other broker enjoyed a successful win by getting the account over the line with FTA. The moral to the story …. Get your accounts into us fast!
As reflected above, FTA are hugely successful at underwriting each risk based on its merits and risk exposure to ensure that it is a suitable account to fit within the rest of FTA’s portfolio for a long time to come. With that said, FTA continues to successfully provide insurance for the SME market and target a Fast Turn Around on miscellaneous professions combined with broad coverage and competitive pricing…
Some of FTA’s MEDIUM/SMALLER key risks this month were:
- A Bookkeeper, BAS Agent, Accounts Preparation – Professional Indemnity policy
Revenue circa $15K
Policy placed with FTA for $175
For a $250,000 limit of indemnity - Dog Trainer – Combined PI & PL policy
Revenue $6K
Policy placed with FTA for $200
For a $1,000,000 limit of indemnity covering group classes, boarding, behaviour modification, agility, scent work and home calls in respect of dog training. - A Construction Company – Design & Construct policy (D&C)
Revenue circa $1M
Policy placed with FTA for $2,950
For a $1,000,000 limit of indemnity insuring commercial owners, residential renovation works, real estate and work for government bodies. - IT Consultancy company – IT liability
Revenue circa $200K
Policy placed with FTA for $600
For a $1 million Professional Indemnity limit and a $10 million Products Liability limit covering IT consultants working for the Government that provide software and educational training to them. - Management Consultancy company – Professional Indemnity policy
Revenue $800K
Policy placed with FTA for $500
For a $1 million Professional Indemnity limit covering strategic consultancy of large corporations, strategic planning and customer experience of their clients.
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!