At Castlemead we are incredibly proud of the work we do and below is a snap shot of some of the business insurance work we do.
Design including Property Damage and Injury
Efficacy Failure to perform
Castlemead were introduced to a company that designs and installs flood barriers Europe wide.
Their current insurance position was indeterminable. Few documents to review, those that were in the clients possession had few excluded the critical elements of cover using industry Jargon to cover the omission
Efficacy means failure to perform. It is commonly excluded for products, the failure for which will result in damage or an economic loss. Typically fire and security system installers. Cover is however available in the market
Likewise damage due to defective design can also fall between the Products Liability insurance (which normally carries a defective design exclusion) and Professional Indemnity which optionally carries a Property Damage / Bodily Injury exclusion. This means in the event of a failure of the product resulting in a flood in their clients premises they were left without cover
Castlemead arranged an insurance for Products Liability and Professional Indemnity with one insurer without a failure to perform exclusion. Whilst this was some 20% more expensive than what was arranged it was 100% more effective.
Motor Fleet Claims
We were recommended to a haulage contractor who was a long standing customer of a direct insurer.
He had been left to organise his own claims and had little input into the running of his fleet over the course of the year until the inevitable cost rise presented at renewal
25% of the claims being used to justify the increase were 'non fault' where his legal expenses insurer had failed to recover the losses in reasonable time
20% of the claims related to drivers with multiple accidents
In the event of an accidental omission by the client on his insurance policy he could not hold his insurer responsible
Castlemead provide a multi accident driver report to the client quarterly highlighting those drivers who are repeat offenders for discipline or training.
Castlemead have in house claims management included within the price which means that the claims which are recoverable and an insurer had been identified could be discounted from the experience making us 25% less expensive. All insurers are not the same
Castlemead are an independent Broker that offer all of their services on an advised basis. This means that in the event of an unlikely negligent omission all of our clients have access to recompense. In our experience we get the claims paid well in advance of this potential!
Out client owned a manufacturing location. Some local travellers installed themselves on their car park, damaging the external elements of the factory. With the weekend fast approaching the client decided they could not leave the premises unattended. They decided to use the same guarding firm as a local airport. Imagine their surprise on Monday when the attended the factory and discovered £100,000 of damage to the internal racking and fork lifts caused by the guards racing around the factory.
The insurer rejected the claim to the client as the guarding company (a subcontractor to that which ran the Airport contract) did not have the accreditation required and that the change from an alarm to guarding was a Material Fact that would have influenced the underwriter.
The client was looking at a considerable loss and contacted Castlemead.
Castlemead were appointed and undertook a negotiation with the insurer concerned. The insurers position of breach of material fact was unreasonable. Whilst the Underwriter concerned would not have been pleased with the choice of Guarding company, we feel that had the client phoned in advance of the weekend and informed them that they were using the airport's guarding company and that the premises were under siege the underwriter would have been pleased at the proactive precaution.