Motor Insurance is by law, a compulsory insurance cover in the UK. With the cost of claims rising rapidly in recent years, insurance premiums have followed. The need to reduce the cost of risk for Motor Fleets is imperative. We work in partnership with fleet managers to leverage long term, sustainable and cost effective solutions.
We utilise programme design, risk engineering, claims expertise, MI and underwriting to support the reduction of a customer’s total cost of risk. Our philosophy is openly shared with the customer through collaborative interactions to achieve consistent pricing and a sustainable long-term partnership.
Motor Fleet products are designed to give your business total protection and control over your fleet operation. With our unparalleled motor fleet expertise, we can help you meet your legal obligations, reduce costs, save time and minimise the risks associated with running your fleet. We write a broad range of cross-class risks, meeting the needs of a diverse scope of fleet operators.
Most Fleets are placed in a conventional way with Traditional Markets. Due to our experience and expertise, we have established excellent relationships with not only the Regional Based Insurers, but also with some niche or specialist Underwriters in the London Market.
Most Fleets are price sensitive but it is our Expertise, Risk Management and forward thinking that gives us a real competitive edge.
Motor Fleet products provide comprehensive and flexible cover for your business. Typically Standard Cover includes a maximum Third Party Limit as below:-
- Unlimited indemnity for death or injury
- Indemnity for accidental damage to other persons property:
- £20,000,000 in respect of cars
- £5,000,000 for all other vehicles
- £5,000,000 in respect of all vehicles for acts of terrorism
- £1,000,000 in respect of all vehicles carrying hazardous goods
- £5,000,000 in respect of prosecution under the Corporate Manslaughter Act.
If the Fleet is on a “Comprehensive” basis, Accidental, Fire & Theft cover for your Own or hired vehicles will be included. There is normally an Excess or Deductible. This can vary depending on your Risk Appetite or Claim Experience.
Typically the Deductible can be between £250 and £50,000
There’s no one-size fits all solution when it comes to designing your business insurance programme. We base our commercial insurance solutions strictly on your needs; and we understand there are times and circumstances where the non-conventional approach can work better for you.
Some of the Non-Conventional features can include:-
- Low Claim Rebate Clause
- Stability Rating Clause
- 2 or 3 Year Premium Agreements
- Aggregate Deductible
- Cross Class Deductible
- Aggregate Funded Deals
- Retro Rated Programmes
- Separate Insurers For Third Party and AD, Fire & Theft Covers
Non-Conventional Programmes can also work for Large Multinational Companies which operate in multiple jurisdictions, requiring global co-ordination or with sophisticated programme structures.
We are able to help clients design and implement these programmes, locally or through a controlled master programme, providing locally admitted insurance and expertise on indigenous insurance, regulatory and compliance issues.
Traditionally, business insurance transfers risk from you to the insurer via your premium. However a changing and increasingly complex market means there are alternatives. For instance, if you’re spending a six-figure sum on annual business insurance premiums with a high volume of claims, self-insurance enables you to pass on less risk to your insurers. We can help you set aside a fund within your business that means you can handle the minor claims yourself or with our own in-house claims team, reducing costs overall.
Our solutions are tailored to meet individual needs and to strike your desired balance of risk transfer and risk retention, utilising a broad range of techniques, including Captives, Rent-A-Captives, Deductible Funding and Retrospective Rating Programmes.