Working with an attacking broker we had an opportunity to quote for a residential property owners risk within very tight timescales.
The risk was six large blocks of concrete floored, purpose built flats all sited adjacent to each other. Although, the risk had a history of escape of water claims (a common theme of residential blocks) the target premium was highly competitive.
We agreed with the broker that we would apply an excess for escape of water at the individual block of flats that had suffered the bulk of previous losses. This enabled us to provide our most competitive terms.
An additional potential complication was the level of exposure for the site that appeared to be one communicating risk. However, using our Geospatial measuring tool, we were able to establish which blocks directly communicated and which had separation.
Only two blocks were connected and the others were sufficiently separate and therefore formed individual exposures in their own right which gave us comfort over the spread of risk and the true exposure at the site.
Our underwriting team turned the enquiry around from start to finish within 48 hours and quoted on a one quote to market basis giving the broker peace of mind they had the only NIG terms in the market.
In order to offer some certainty to a new client, the broker requested a two year rate stability and low claims rebate. This was agreed and ultimately proved key in the client’s decisions to move to NIG.
Following a post inception survey by our in-house surveyor, we were able to confirm we had no requirements for risk improvements, and the risk was placed on a five year re-survey programme.
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