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Client Ref.: 175.341
Client and project challenges
For a company that owns and operates five photovoltaic plants in five provinces of Spain. We managed the company’s insurance program between 2008 and 2019, year in which a competitor managed to offer better conditions.
<!– wpml:html_fragment –> The following year, in 2020, we wanted to review our options to regain the confidence of the insured. We were a total of three brokerages interested in the operation.
<!– wpml:html_fragment –> The following year, in 2020, we wanted to review our options to regain the confidence of the insured. We were a total of three brokerages interested in the operation.
Our work and approach
We knew the account very well and we knew that the policy was correct because we had already unified coverages in a single policy including guarantees and limits appropriate to the risk, so our approach had to be to be as competitive as possible in premiums.
<!– wpml:html_fragment –> From our experience, we knew that fewer and fewer insurers were entering into this type of risk and that rates were getting tougher. The replacement value of insured property was dropping sharply due to the consolidation of PV technology, and insurers could not maintain the same rates for much lower capitals because the premiums they generated did not support the frequent cable theft and electrical damage claims suffered by inverters.
<!– wpml:html_fragment –> To these were added wind and hail claims, which, although less frequent, caused a lot of damage.
<!– wpml:html_fragment –> From our experience, we knew that fewer and fewer insurers were entering into this type of risk and that rates were getting tougher. The replacement value of insured property was dropping sharply due to the consolidation of PV technology, and insurers could not maintain the same rates for much lower capitals because the premiums they generated did not support the frequent cable theft and electrical damage claims suffered by inverters.
<!– wpml:html_fragment –> To these were added wind and hail claims, which, although less frequent, caused a lot of damage.
Results
Therefore, our trump card was to go hand in hand with the company that had previously supported us in the risk. The account had given good profitability to its previous insurer, and our efforts were focused on getting the insurer not to give it a new risk treatment, but to take into account the premiums that the company had already provided in the past.
<!– wpml:html_fragment –> Once this was achieved, our insured benefited from better insurance conditions than the market average, and was not harmed by losses suffered by other parks. We highlighted the seriousness and good work of this insured. Finally, different coverage options were presented to the client, on the one hand with and without the establishment of indemnity limits, given the existence of several separate parks, and on the other hand with Loss of Profits Indemnity Periods of 12 and 18 months.
<!– wpml:html_fragment –> In this way, we managed to regain the company’s trust and it benefited from insurance conditions well above the market average.
<!– wpml:html_fragment –> Once this was achieved, our insured benefited from better insurance conditions than the market average, and was not harmed by losses suffered by other parks. We highlighted the seriousness and good work of this insured. Finally, different coverage options were presented to the client, on the one hand with and without the establishment of indemnity limits, given the existence of several separate parks, and on the other hand with Loss of Profits Indemnity Periods of 12 and 18 months.
<!– wpml:html_fragment –> In this way, we managed to regain the company’s trust and it benefited from insurance conditions well above the market average.
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