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Financial Institutions Insurance

Our secret weapon? It’s that we know where this specialist insurance market breaks down, and we know how to fix it.

A market plagued by the unknown

To do this they need information. If they don’t know something, they can’t insure against it. If their information is incomplete, they won’t be able to set a realistic price. Insurers dislike the unknown, so they protect themselves against it.

It’s your broker’s job to guide underwriters through the facts that will get you the right policy at the right price.

But more than half of the policies we audit are seriously coverage deficient, and the vast majority are priced too high. This is the unknown at work – a sign that underwriters simply do not have the information that lets them do their job.

The Bartlett process

We begin with a confidential review of your insurance arrangements to assess if coverage is adequate and fairly priced. If you decide there’s room for improvement, we’ll move on to a full review.

After a much more extensive fact find, we create a detailed insurer presentation, then begin negotiations with the market to provide formal quotes.

Step 1:
Initial review

An objective, fully referenced, line-by-line audit of your current policies, to establish the suitability of your current coverage. A review of key firm literature (e.g. fund PPMs, performance reports, investor DDQs) to generate indicative pricing.

Step 2:
Full review

A full fact find that lets us produce a detailed insurer presentation and take it to the market. This tailored review is much deeper than the standardised proposal forms you may be used to. It has three advantages, giving you:

  1. Fact-based, risk-specific pricing – not guesswork, generalisations and assumptions
  2. Engaged, fully-informed underwriters who have the confidence to accept our suggested pricing
  3. Robust disclosure, leaving insurers no place to hide in the event of a claim

Find out more about Financial Institutions Insurance

We hope we’ve given you food for thought. If you’d like to refer offline to this information, please download it in pdf format. Or if you’re interested in a face-to-face conversation, please get in touch.

Richard Whitehead
Head of Specialty