How To Get A Good Deal On Insurance In Korea

Transcription

1 Our specialist insurance services for Property risks

2 About Us 1 Our Service 2 Manufacturing and Process Industries 3 Airports and Ports 4 Agricultural Industries 5 Hi-tech and Bio-tech 6 Heavy Metal Industries 7 Railroad - Passenger and Freight 8 Retail Stores and Shopping Malls 9 Habitational 10 Hospitality and Gaming (including tribal) 11 Sawmills 12 Telecoms and Media 13 Claims 14 Contents 3

3 About us is an independent Lloyd s broker based in the heart of London s insurance sector. We trade with all of the major international insurance and reinsurance markets in London, Bermuda and Europe. We operate from one London office, with a satellite office in Bermuda. Our reputation with our worldwide client base derives from our ability to apply our entrepreneurial approach and vision to provide innovative insurance solutions. Whilst can trace its roots back to 1893, the of today is the result of a 2004 merger of two highly professional wholesale brokers, Prentis Donegan & Partners and Price Forbes under the Marsh & McLennan Companies umbrella. A management buyout in September 2006 formed the current, a truly independent London based global broker, 100% owned by the management and staff. With over USD 1 billion of available worldwide capacity, we are uniquely positioned to get the very best terms and most competitive pricing for our clients. No risk or client s needs are identical and while we have some proven tactics and approaches. Our service and the resulting product are bespoke and unique to each customer. Our specialist expertise in programme design, insurer selection, marketing and placement, combined with our inhouse claims service, allows us to provide comprehensive solutions to our clients. We access the Lloyd s, London, Europe and Bermuda markets directly, which allows us to negotiate the best deal on your behalf. Our five steps to service delivery include: 1. Risk assessment and strategy development 2. Tailored programme design Our Service is the eighth largest premium provider to Lloyd s. We have around 200 employees working in all aspects of broking, technical, claims and support. 3. Risk placement 4. Policy delivery 5. Claim negotiation The team of property experts at is one of the largest and most experienced in London. Our clients, both retail and wholesale, demand consistency in delivering a high level of service with a strong sense of communication and understanding of their risk. As a wholly independent management and staff owned broker, we work to please our clients and not to increase share price. Unlike many of our competitors, we do not outsource or offshore our processing or back office work. We pride ourselves on our great service to clients and would not want to jeopardise this for cost saving. The broking and placement of every risk is supported by a team that delivers continuous day to day service from placement through to policy issuance and claims negotiations. 4 5

4 Manufacturing and Process Industries With the highly engineered risk market dominated by the Factory Mutual, clients turn to London, Europe and Bermuda for an alternative, more understanding marketplace. Our experienced team takes time to understand the goals and aspirations of every client in terms of their insurance needs and delivers a program with a blend of markets to meet them. We have a proven track record in placing both airport and seaport risks, especially in natural catastrophe prone areas. Due to issues resulting from the exceptionally high hazards of wind and flood on seaports, obtaining the broadest coverage is essential for this occupancy class. Exposures such as port blockage that can lead to a significant business interruption claim, and older cranes that can be susceptible to considerable damage from earthquakes if they are not properly secured, are not considered difficult to insure by our markets. Title Airports and Ports Manufacturing and process industry exposures continue to be a favoured class of the markets we trade with. Airports are a desired class by all property markets due to their predominantly HPR status. Standard USA markets often struggle to offer the natural catastrophe limits required by this industry, but our excess and surplus lines markets are there to meet the client s needs. With the opportunity to market these risks in both the marine and non-marine markets, we have the ability to work together with our marine colleagues in order to deliver the broadest coverage at the lowest price available. 6 7

5 Title Agricultural Industries has extensive experience facilitating insurance for the agricultural industry; a highly complex sector that demands specialist and bespoke coverage. Every year the agricultural industry changes in two ways; it becomes more sophisticated and complex as it advances and, as stock prices are connected to various economic factors, values fluctuate heavily. Stronger risk management and enhanced technology have created a far more desirable risk over the years and our strong underwriter relationships in this field allows us to present these risks in their best light. Having placed many new ethanol plants into the best capacity carriers, as the future of farming progresses, we are fully prepared for the next challenge this class of business brings. We have in-depth knowledge and experience working with the complex risks associated with the hi-tech and bio-tech industries. We acknowledge the high standards that the sector demands and deliver individually tailored policies to protect clients assets, particularly those that are catastrophe exposed. Our experienced team have handled insurance requirements for many of the world s largest risk managed, hi-tech and bio-tech companies and have strong relationships and daily contact with underwriters in London, Europe and Bermuda. Title Hi-tech and Bio-tech As with other speciality lines, we often explore the opportunity to place the stock on a throughput basis. We always aim to give the highest level of advice, Our core values include integrity and transparency consultancy and placement skill in all areas of for clients and markets in all of our negotiations. business that we trade. 8 9

6 Title Heavy Metal Industries The Property team is able to be highly responsive to clients involved in both aluminium and steel production. The aluminium industry has complex exposures ranging from bauxite mining in catastrophe prone areas such as the Caribbean and Australia, refining the bauxite, smelting with the risk of pot freeze, to the fabrication and recycling of products. Working closely with our clients, we have a full understanding of the process, enabling us to develop terms providing cover which our client demand. With steel production, we help the market differentiate between the fully integrated steel producers with tough exposures, such as the blast furnaces, to the more modern electric arc furnaces that re-melt scrap iron and steel. The railroad industry is historically a tough class of business. This reputation is largely due to the mixture of rolling risks, infrastructure coverage, resulting business interruption and rerouting/detouring expenses. Our experience allows us to advise clients how to harness today s technology in order for us to present each risk to get the best available result in the worldwide market. In specialising in this industry, we have established a substantial portfolio of transportation clients around the world with considerable shares placed in markets in London, Europe and Bermuda. Title Railroads Passenger and Freight 10 We have a tight and flat management team that allows us to focus on client needs. 11

7 Title Retail Stores and Shopping Malls From single location strip malls and statewide schedules of high end retail stores to national chains with distribution centers; we have markets eager to offer both fire and catastrophe capacity at competitive terms with broad manuscript coverage. Working together with stock throughput markets, we tailor products to suit the client and class of business. is experienced in this class of business and can look at both stand-alone family owned restaurants and national chains with the catastrophe exposures that they bring. In addition, some of the unusual exposures that are inherent in this class can be catered for. Title Restaurants Whether it be food borne illness, food spoilage or product contamination, we can negotiate with niche markets and design manuscript forms to deliver the broadest coverage for each client s peace of mind. 12 Businesses around the world continue to seek our imaginative strategies that deliver programs designed to protect their assets from the unpredictable. 13

8 Title Habitational Over the years, we have developed a wealth of expertise helping habitational clients gain the upper hand in purchasing bespoke insurance programs. We specialise in securing the broadest coverage for large habitational portfolios and single location placements for condominiums, apartments and HOA s and can also look to give our clients the ability to automatically include locations at pre-agreed rates. Using our long term market relationships and specialist facilities, we service the most comprehensive coverage at the lowest premium available. Our markets have the ability to underwrite this occupancy class in heavily catastrophe exposed areas in addition to offering deductibles that meet the strict requirements of property managers and lenders. is a leading broker for the hotel, casino and tribal gaming industries. We have extensive experience with their complex and unique risks and the high standards that the service industry demands. Staying in business 24 hours a day, 365 days a year is every client s goal and we work closely with them to tailor policies that protect their assets and revenue streams, particularly those that are catastrophe exposed. We have a strong marketing team who specialise in placing hotel and casino risks with underwriters in London, Europe and Bermuda, and are persistent at educating the markets in the industry s changing risk profiles. Title Hospitality and Gaming (including tribal) 14 Excellent service is a given especially on the claims side; our clients buy insurance to get claims paid. Our aim is to get our clients the best deal; the best price for the broadest coverage. 15

9 Title Sawmills The sawmill industry requires a specialist knowledge that ensures the risks are fully understood and evaluated by both clients and underwriters. We work with clients to discuss and evaluate their individual risks before approaching markets, to ensure the best possible coverage is obtained. Our in-depth understanding of the risks unique to the telecommunications and media businesses, in addition to our close and longstanding relationships with the global markets, enable us to consistently deliver creative and strategically developed programs tailored for each client. Title Telecoms and media We work with all types of sawmills; from the smaller, family owned mills to the larger, corporate mills. The size of the plant and the operating procedures are usually the driving factors determining the placement, but careful attention is also placed on safety records and location. 16 We have grown the business through the recruitment of talented individuals and teams, specialising in areas where they can provide added value through face to face negotiation with the market. 17

10 Claims For clients, the handling and service of claims have often been held to be key differentiators. In the current market environment, this has now become an issue of paramount importance and can truly be regarded as the shop window of insurance. maintains that an insurance broker s service stands or falls by the competence of its claims handling. We strongly believe in providing added value to our clients business through continuous provision of the highest possible standards of service throughout the claims process. This includes active claims negotiation, fast and effective step by step guidance, ultimately leading to an efficient settlement and collection process. You will receive the same level of commitment and expertise when the policy is called upon to respond as you did when we were first instructed to place it. Our claims team is integral to the placement teams and is made up of highly qualified and talented individuals, experienced in all classes of business in which we specialise. The team is actively involved in programme design, incorporating claims procedures and protocols to ensure that all parties are aware of the claims management process from day one. By putting specific emphasis on this area of our activities we are able to give our clients the confidence of knowing that all claims will be dealt with as quickly and effectively as possible. 18

11 Ltd 2 Minster Court Mincing Lane London EC3R 7PD +44 (0) propertyteam@priceforbes.com PFP /10 Authorised and regulated by the Financial Services Authority