Insurance brokers rely on the power of partnerships

By | Brokers, Business | No Comments

One of the many important lessons learnt over the last 18 months is that change isn’t always a bad thing. Now more than ever brokers are re-evaluating existing business practices and how they can adapt their businesses to keep moving forward in an ever-changing world.

Many brokers are also now realizing how challenging it is to go at it alone as individuals, business and families face unprecedented challenges during the pandemic.

This means that the right partnerships have never been more important or more powerful.

With changes to every industry, clients are bringing new and never-seen-before risks to light. Being able to help clients address these risks and cater to these needs elevates the value clients receive from their brokers, deepening the relationship.

Brokers can’t be experts on everything on their own, which is why developing strategic relationships with solution providers, like Insurance Zone, can further secure and strengthen a broker’s trusted-advisor status.

The best partnerships complement each other’s strengths while compensating for any weaknesses. This is why brokers with a strong administration partner are able to provide better solutions to client in evolving business climates.

Insurance Zone has successfully differentiated ourselves through our level of professional attention to brokers and their clients, providing a genuinely personalised service. We are more then just administrators to our brokers, we are partners that add value to their business.

We attend to every aspect of the insurance process from policy inception to claims, so you can be sure that when partnering with us, we provide advice and support in all situations. We also design our own unique range of products and cover, which we’re constantly developing and improving. This means we can offer clients cover in almost every conceivable area of insurance – from cars, cranes and business to vacation homes and everything in-between.

Insurance Zone is an owner-run business, which means we care about your success. With binders for and administered on behalf of many top insurers, Insurance Zone has built a reputation in the industry for being honest and professional, as evidenced by the fact that we often get approached by people in the industry to partner with them.

With all this in mind, maybe it is time to assess, adjust and rethink how your business operates and how partnering with an administrator like Insurance Zone can help with future growth and success.

To find out more about our service offering to brokers or to speak to our broker onboarding consultant please get in touch:

Insurance, a vital tool in construction

Insurance, a vital tool in construction

By | Business | No Comments

The ongoing development of infrastructure around us brings with it associated risks that  require the correct products, technical expertise and advice. Insurance is a vital risk mitigation tool in construction projects which relevant parties cannot afford to go without.

These risks range from devastating damage to projects under construction, plant on site and the substantial associated liability exposures that attach to contractors whilst doing work on site. Protection against these losses is required at every stage of construction.

It is also important to understand where the legal obligation lies for the parties entering into the contract and determining which party is responsible for which risk and the associated insurance coverage required especially when there are several contractors and sub-contractors involved. This will be determined by the works contract which creates the legal obligations along with terms, conditions and period for completion to name a few. The works contract will determine the party responsible for taking out the cover required which may be the Employer or the Contractor.

Insurance Zone provides a wide range of products to cater for these risks with the main covers as follows:

These may be once-off or annual depending on requirements:

Contract Works Cover:

  • Covers any loss or damage to the actual contract works during the construction and maintenance period selected on the policy. This is extended to cover removal of debris, cost of demolition, professional fees, storage and transit of materials and claims preparation costs.

Plant All Risks:

  • Comprehensive cover is provided for contractors plant and equipment and can also be extended to include hired-in plant that the contractor has been made legally responsible for.
  • It is important to obtain the correct advice when deciding on what basis and how to insure the plant as this may be insured on New Replacement value, Market value or Agreed Value.

Public Liability:

  • Provides cover against any Liability for loss, damage, death or bodily injury to any third party or third party property arising out of the Contractors performance of the works contract.
  • Includes legal defense costs and Wrongful Arrest.

Surrounding Property:

  • This provides cover for loss or damage to property which is in the custody or control of or is being worked on by the contractor and arising out of the work being undertaken in connection with the contract.

Contact Insurance Zone or one of our accredited Brokers to assist in designing the correct tailor-made product that is best suited to your needs and contractual obligations.