Engineering

Growing in opportunity and sophistication

By: COVER

I recently visited Simon Leppard, Underwriter at Engineered Insurance Solutions to discuss this new venture with him. Now Simon is not only very well known in the insurance industry, he is also very well connected.

According to Simon, the name Engineered Insurance Solutions was originally intended for a consultancy business but he felt it was better suited for them as it describes what EIS does. Simon provided me with some detail to position this new UMA clearer.

WHY “ENGINEERED”?

Based on many years of experience in the liability environment and due to me having grown with the increased spread and sophistication of liability exposure, EIS is perfectly positioned to engineer a suitable liability solution for a particular client and indeed encourage brokers to approach us on this basis.

WHAT IS THE SCOPE OF THE BUSINESS?

Currently we have a general liability Lloyd’s Binder with Tokio Marine Kiln for limits of up to R500m with a further R500m available if required.

Kiln is a well-known name in this market and has a specialist liability team to assist us as necessary. Indeed they write liability income in excess of Pounds Sterling 100m.

From November 2016 we should have a Professional Indemnity Binder for R250m up and running, again with Lloyd’s Underwriters.
There are 3 Underwriters including myself with over 50 years collective experience in the Liability field so we are well placed to provide our brokers with an efficient service.

As you know I have been involved in the liability field for in excess of 30 years and we wanted to offer brokers products backed by well rated paper and Lloyd’s is well up there with AA- paper as rated by AM Best. Although liability risks are very price driven we hope our first class International paper plus excellent service will differentiate us from the rest of the market.

I will be overseeing claims myself and it is my intention to look for ways to help the client rather than looking for ways to get out of the claim. By using a truly international brand such as Lloyd’s we can deal with claims anywhere in the world except where sanctions apply and we can pay that claim in the desired currency.

We like to discuss individual risks with the brokers and if the broker feels it will be useful we are more than happy to accompany the broker to a meeting with the client to get a proper feel for the liability exposure and therefore be
able to discuss what cover is required and price it accordingly.

At present we operate in a market where the broker rules and the rates are very soft. Brokers and clients seem to be becoming more aware of the need for adequate liability cover, as everything becomes more litigious and as a result of the Consumer Protection Act. Add to this the cost of legal representation and you can see the need for more adequate sums insured and wider cover. Indeed the covers here seem to be much wider than the traditional market in London.

Generally the brokers are reasonably skilled in respect of the liability exposures but we are very happy to work with and guide those that may need some assistance. We will try and tailor-make a policy to fit the client’s needs.

HOW ARE YOU PLACE TO UNDERWRITE OUTSIDE THE RSA?

Lloyd’s has a long relationship within the RSA and we work on a level playing field with the rest of the RSA market. Because of Lloyd’s international reputation we are accepted as a suitable direct insurer or reinsurer depending on that country’s Insurance Regulations. The only caveat is that we may not get involved in any country where sanctions apply.

 







Related posts
EngineeringShort-term

CIB welcomes new head of Engineering

ConstructionEngineering

Natural catastrophes demand more sophisticated risk engineering programmes

Engineering

The king now offers engineering insurance

Engineering

Engineering – Tough but Resilient