We act for businesses and charities in over 40 countries – from regional manufacturing firms to large publicly-listed multinationals. Our 10 largest clients have been with us for a combined total of 270 years. And in 2020 Bartlett was named as UK Broker of the Year and Commercial Lines Broker of the Year.
Our secret weapon? We know where the corporate insurance market breaks down, and we know how to fix it.
Corporate insurance is too varied to allow for a one-size-fits all approach.
Which means that underwriters 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.
It's your broker's job to guide underwriters through the facts that will ensure you have the right cover at the right price. Yet many brokers are under pressure to cut costs, grow quickly and do more with less. The result? Gaps in knowledge.
Over half of the policies we audit are seriously coverage-deficient, and the vast majority priced too high. This is the unknown at work. It's a sign that underwriters simply don't have the information they need to do their job.
Insurance exists for one reason only: to transfer risk away from you to your insurer. Policy wording dictates whether it actually does that.
Subtle differences in policy wording can have a big impact on your cover. You could find that you are not insured in key situations. Equally, you may be paying for unnecessary and irrelevant policy extensions.
Bartlett will always give you a clear walk-through of your policy mechanics. It lets you understand how your policies will respond in the event of a loss. And it eliminates misunderstandings and wording ambiguities before the policies go live.
There's only one way to get the right price, and that's to show insurers exactly what they're insuring.
That means really getting under the skin of your business. It means engaging insurers by taking them through a detailed report, not posting them a superficial proposal.
The practical benefits?
We can dictate terms to the market, because we have the facts to back them up. (Normally insurers will dictate their terms to you.)
And full detail means statutory full disclosure (as set out in the 2015 Insurance Act), so you won't be at risk of your insurer reducing or repudiating coverage in the event of a claim.
We begin every new relationship with a review of your insurance arrangements. It's completely confidential and involves no contact with insurers. But it will tell you whether your coverage is adequate and priced competitively.
If you decide that you need better coverage, or see an opportunity to save on the cost of your premiums, we'll take you on to a full review.
We will carry out a much more extensive fact find. We'll send in our own risk managers to carry out detailed property and liability surveys. And we will cover the entire cross-section of your organisation – from logistics and transport to sales and HR – not just the departments that deal directly with insurance.
All this takes hard work – but done by us, not by you. And sorting through the details is the only way to make the insurance market see you as an individual business, with individual risks and needs. That way you get the best prices, and the best cover.
Together these establish the suitability of your current levels of cover, and are reported in an objective, fully referenced report.
We will undertake a thorough review of your business and produce a full, detailed insurer presentation. We will also engage a select number of underwriters who have the experience and track record to insure your organisation.
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.
Ian Scott
Head of Corporate Risks
Email: iscott@bartlettgroup.com
