Client success story: guiding customers through premium increases
Amir is a landlord responsible for a number of residential buildings. When his commercial policy was due for renewal, his insurer nearly doubled his premium. Read on to find out how we helped Amir address this challenge.
The insurer argued that because the cost of labour and materials had increased, the replacement value on Amir’s properties had grown correspondingly. They also said his coverage limits would need to increase to match the higher replacement value.
Other concerns included the buildings’ claim history – there were many claims, including slips and falls, a fire, and even dog bites. All of these factors contributed to the drastic jump in premium. Few insurers were willing to extend coverage to Amir under these circumstances.
Our value as a broker in this case was in being a reliable partner to walk Amir through the renewal process and move heaven and earth to find a workable solution for him.
Over the years we have built strong relationships with numerous insurers which creates benefits for our customers. Rapport with insurers means they’re more willing to go the extra mile.
We ensured Amir has all the coverage he needs. Even though his new premium remains a challenge, he has not one iota less coverage. In the meantime, we will continue to monitor the risk landscape and put Amir in the know about challenges and opportunities for his business and lifestyle.
Give us a call if you want us to do the same for you.