Risks we Recently Won (July 2024)

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

Design and Construct (Professional Indemnity) – Building Company
Activities: This company specialises in the construction and fit-out of both single-family homes and low-rise buildings.
Revenue circa: $12 Million
Policy Limit: $10 Million
FTA’s comments:
The broker was seeking a $10 million limit for a design and construction company involved in large-scale projects. However, their current insurer could only renew with a $5 million limit. Subsequently, the broker turned to FTA, where we offer Design and Construct PI coverage with limits up to $20 million at a competitive price. As a result, the policy was successfully placed with FTA, providing the desired $10 million limit with an excess of $10,000 and a premium of approximately $12,500.
Professional Indemnity – Educational Services
Activities: The insured enhances the quality of work provided by early childhood educators, leaders, and organisations through resource provision and support.
Revenue circa: $50,000
Policy Limit: $1 Million
FTA’s comments:
FTA supported this established sole trader by providing an affordable Professional Indemnity insurance policy with comprehensive coverage, costing just $720. The insured conducts webinars and workshops aimed at enhancing the professional development of educators. This collaboration showcases FTA’s commitment to supporting small businesses and professionals in various industries.
Management Liability – Publishing Services
Activities: The insured takes part in activities related to publishing services for authors.
Revenue circa: $500,000
Policy Limit: $2 Million
FTA’s comments:
A startup company in the media and entertainment industry turned to FTA for Management Liability coverage. FTA’s competitive policy premiums of $1,500 facilitated the successful placement of this risk, securing coverage with limits of $2 million for the insured.
Combined PI + GL – Recruitment Labour Hire
Activities: A recruitment and labour hire company specialising in the legal, tech, business support, and governmental risk and compliance sectors.
Revenue circa: $18 Million
Policy Limit: $10 Million PI + $20 Million GL
FTA’s comments:
This client had been insured with a competitor of FTA for several years, and as their policy neared expiration, the broker was actively seeking better terms within the market. FTA was pleased to offer the most attractive option, with a competitive premium of $16,000 for a combined limit of $10 million for PI and $20 million for GL. This allowed us to secure the risk and showcase FTA’s strengths in providing exceptional service, coverage, and pricing.
Information Technology – Software Solutions
Activities:This company specialises in distributing industry-leading business enterprise software solutions.
Revenue circa: $9 Million
Policy Limit: $20 Million
FTA’s comments:
A small business with fewer than five employees became a new client of FTA. Like many IT companies, they required a high limit of $20 million to meet contractual obligations. At FTA, we specialise in underwriting IT risks and are renowned for our competitive rates and comprehensive coverage in the market. The total premium for the insured was $11,000, and they subsequently placed multiple IT policies with FTA for their sister companies. This was a great outcome for all parties involved!
Association Liability – Boat Club
Activities:A boat club that provides resources and equipment for members to access and make sufficient use of.
Revenue circa:$15,000
Policy Limit: $2 Million
FTA’s comments:
This broker targeted this risk because it hadn’t been remarketed for several years, and the previous insurer had declined renewal due to a change in their underwriting appetite. This is where placing your risks with FTA offers a distinct advantage, as we haven’t changed our underwriting appetite for nearly a decade. FTA was able to accommodate the insured’s request for adjustments in sub-limits and excess levels. Consequently, the policy was placed with a very low premium of $750 and a coverage limit of $2 million.