Logical was engaged by a local Freight Forwarding and Customs Broking company to provide them with a review of their current insurance program. This company has locations in Sydney, Brisbane & Melbourne. In addition to the forwarding and clearance work, they also offered warehousing facilities and local transport services, utilising their small truck fleet.
We arranged to meet the Directors and key persons for a discovery meeting, and during that meeting, we learned that their program was a jumble differing policies, with multiple expiry dates during year. The program was sourced with 2 insurance brokers, plus a number of policies purchased “on-line” with insurance companies directly.
They admitted that their insurance program had been cobbled together over many years since they commenced business operations and hadn’t really put too much thought into it. They expressed their concerns about not having high visibility of their program and were worried that it might not be suitable for their current needs. These concerns were exacerbated because they believed current insurance brokers had insufficient experience or expertise dealing with the exposures and risks within the logistics industry.
Logical conducted a complete program review, assessed their cover in line with their business risks and highlighted the exposures. We then contacted and sought quotations from specialist insurers and put together various options based on their current requirements.
We compiled a report and presented our findings to the Directors in person, and discussed the unique exposures that were not currently covered. We also assisted with risk management strategies, particularly our observations regarding their Standard Terms and Conditions and Bill of Lading which required updating.
In addition, we commonly due-dated all policies to achieve a more streamlined approach – saving time and administration costs incurred managing separate policies expiring throughout the year. This also achieved greater leverage with the insurers by being able to market all the policies within the insurance program simultaneously.
Our new client was very satisfied with the level of advice that was provided, including access they were given to a specialty underwriter who were able to provide cover for their uninsured unique exposures.
They now have a much better comprehension of their risks & exposures and how their insurance program and risk management strategies can mitigate these.
They also updated their commercial documents, which they admitted was long overdue.
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