February 15, 2016 admin

CASE STUDY: THE INSURANCE RENEWAL

The Challenge

The licensee has had experience with a $130million prestigious building with two Strata Schemes and a Building Management Committee (BMC) sitting over the top controlling the shared facilities.

At the height of the Global Financial Crisis, the Strata Scheme Representatives on the BMC wanted to consider what options were available for the buildings insurance policy renewal from the current abroad insurers as well as local insurers.

The challenge was to seek the best policy matched against its associated premium.

The Strategy

Whilst a broker had been appointed by the building in previous years for all its insurance renewals, for this renewal the licensee co-ordinated the input of the current Executive Committee, Representatives on the BMC, Building Management, the current broker as well as speaking directly to local insurers.

The licensee commenced the process 2 months prior to the insurance renewal by reviewing the needs of the building by co-ordinating all relevant stakeholders.

Interviews of brokers and local insurers allowed for a defined policy to be determined and tendered in the open marketplace.

The ResultĀ 

The building chose to change from its current insurer.

The new policy included improved terms, increased and better policy coverage, direct lines of communication with the underwriter and one insurer, improved claims management and a local insurer.

The building is pleased with its new insurance policy and in the coming year simply renewed its cover on the same terms.