Forming the critical link between client and insurer, a broker supports every aspect in the journey of a risk as it flows from inception through to a potential claim. The importance cannot be underestimated yet the role is widely misunderstood.
Contingency, by its very nature, being the ‘dumping ground’ for all non-traditional or vanilla insurance risks places great emphasis on the broker. With no two risks alike, a broker will obtain optimal terms for a client whilst ensuring all nuances and pitfalls are addressed; the outcome being a fit for purpose policy underwritten in the insurance market.
A contingency broker maintains strong relationships with a small subset of insurance underwriters who operate and participate in this particular class of insurance. They work closely with their clients to, firstly, understand the bespoke requirements of the client, any budgetary constraints and finally, the profile of the risk. Once armed with all the information, the broker approaches the insurance market and, depending on the size of the risk, the strategic approach is determined. The sum insured (or size) of the risk is a large factor in determining which approach is most suitable.
For many risks, a panel of insurers are required to subscribe, following the terms presented by the lead underwriting market. This spreading of liability is commonplace within the insurance market as it prevents single losses having a critical impact on an individual insurer. The broker will ensure your risk is fully supported and all documentation is compliant before presenting terms, alongside advice that the risk is supported or ‘on cover’ in full.
Throughout the active life of the risk, as your broker, we continually liaise with you and the underwriters to keep all parties informed of the latest news, performance and on-going risk profile.
As the journey of the risk continues towards termination, and a potential claim, the flow of information back and forth is maintained and, if required, our Claims Team prepared to ensure any payments are settled as efficiently as possible.
To find out more how we can help you place your next Sports risk, contact us here.