In life there are many uncertainties and risks that may or may not occur, which can affect any business and insurance is a product that helps to cover the financial impact of such an occurrence. Selecting the right range and scope of cover necessary to mitigate any losses is critical.
gbpartnerships has specific and detailed experience in insurance matters at all stages during the development process for new build / refurbishment projects and the ongoing operational estate and our insurance partner can provide initial advice & budget costing / market testing / incepting / renewals / claims administration.
This expertise has been built up over a number of years in providing such services to various geographically spread clients as part of the management services support to a number of LIFTCo’s and other clients.
We have developed a close working relationship with Arthur J Gallagher – one of the Worlds leading Insurance Brokers – and working with them, as our retained specialist advisers, we undertake a range of tasks to ensure that appropriate and cost effective insurance products are fully utilised during the construction and operational phases of a project.
Included within this arrangement, we aim to provide “Value for Money” (VFM) insurance covers and to achieve this we determine in consultation with clients the best methodology of providing cover and regularly undertake “market testing” exercises with a wide range of established insurance providers to ensure that the policies and premiums reflect the current market conditions.
Where conditions are favourable for clients, we negotiate Long Term Arrangements which have fixed the premium rates, generating savings and stability over a period of time.
To date, gbpartnerships has incepted via their insurance broking partner insurances for construction comprising of Contractors All Risk / Delay in Start Up / Public Liability / Terrorism Insurance for a portfolio of projects totalling in excess of £250m.
In addition, we have also secured the annual operational insurances – comprising of Material Damage / Business Interruption / Public Liability / Terrorism insurance for the operational buildings.
We have also provided access to services in respect of a wide range of other insurance products i.e. Directors & Officers, Judicial Review, Chancel, Covenant, Premium Indemnity, Employers Liability and Professional Indemnity insurance covers.
Once insurance covers are in place the service provides the day to day management of the policies ensuring that any changes to the risk profile are speedily notified to the insurers as well as liaising with their “Risk Management” teams and undertake property inspections and insurance risk assessments, regular reviews of the rebuilding cost valuations, used for the operational property are also undertaken, taking into account RICS guidance to ensure adequate cover is maintained.
We also manage the reporting process of incidents such as personal injury / material damage to the insurers and undertake the initial incident investigation and work with the insurers claim team / loss adjusters and lawyers as required.