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Prize Indemnity Insurance

We’re one of this market’s top five brokers by policy size – our biggest policies cover over €70 million. As a registered Lloyd’s broker, we don’t need to write business through a middleman. Our experts are familiar with the complex mathematical modelling that underpins prize indemnity insurance. And we always work in conjunction with legal experts to write bespoke, absolutely watertight policies for each client.

A world that turns on unknowns

Calculating prize indemnity premiums is a complex mathematical process. You must understand the situation from a statistical viewpoint, as well as an underwriter’s. And the standard rules of specialist insurance apply – only absolutely watertight policies pass muster when it’s time to claim.

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.

The Bartlett process

Their backgrounds in mathematical modelling also allow them to engage with the modellers developing your policies. And they’ll insist on bespoke policy wording, overseen by solicitors experienced in this field, to ensure that your policy is clear and watertight. It can be tailored to insure all or part of a particular risk, or even take unusual factors into account, like potential tax bills.

We will always do the work ourselves – we’ll never outsource your brokering to another firm (this practice is surprisingly common; it’s called wholesaling).

Finally, we’re as focused on the claims process as on the insurance design – a streamlined process is vital when you’re under time pressure to pay out wins quickly. That’s why we pre-approve loss adjustors and bring them up to speed on your policy right at the start of the process, allowing them to hit the ground running in the event of a claim.

Find out more about Prize Indemnity 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.

Andrew Bartlett
Director, Specialty Risks
Email: abartlett@bartlettgroup.com

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