Logical received a request from one of our accountant referral sources to contact one of their manufacturing clients. The accountant had briefly discussed the manufacturer’s insurance program with them and he didn’t believe they were receiving adequate advice.
We were subsequently engaged by the manufacturer, who is a generationally family owned business, to assist them with the management of their insurance program and provide risk management observations. The manufacturer’s main building, plant and equipment is based in North West Sydney, with offices in Melbourne, Brisbane, Western Australia and New Zealand. They have a small fleet of trucks and other delivery vehicles, with turnover approaching $100 million, and staff of 70 people.
We arranged to meet the Directors and other key persons for a discovery meeting.
Logical conducted a thorough review of their current insurance arrangements, which included all background information previously provided to their insurers.
We discovered that there were discrepancies in the information provided to insurers which potentially could have had severe implications in the event of a claim. This was immediately rectified. We also discovered that there was a serious underinsurance issue regarding business interruption cover, which was immediately rectified with the assistance of their accountant who was able quickly provide the relevant financial information..
Although the operations were well managed, we suggested that they engage a specialist risk management consultant to further enhance their risk management plans and processes, and this suggestion was taken up. Following the consultant’s review, a number of recommendations were made, many of which were relatively simple and easily implemented by the manufacturer. Completion of these recommendations had the effect of greatly improving the risk. When we provided the report and implementation schedule to insurers, it translated into significant property insurance premium savings for the manufacturer.
We developed a strategy to work with insurers that had the flexibility to offer competitive coverage based on our in-depth understanding our client’s business, and achieve premium savings with the help of the external risk management consultant and report.
We were also able to provide a more relevant insurance program which was easily understood and better managed by our client.
They also had a risk management plan in place which greatly assisted them to identify, assess and treat risks, which continues to be monitored and reviewed on an ongoing basis. This has provided them with more control over their business than they previously had.
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