Recent News - Energy and Excellence

As insurance rates are forecast to rise the importance for more efficient insurance purchase is great.  With true insurance values established a Broker can recommend how their client spends money more effectively especially during periods of financial downturn.

A detailed valuation Rushton International carried out in 2008 for a power plant in the middle-east established true insurance values and allowed the broker to make an informed decision that would drive real value for money on behalf of their client but deliver the ultimate product of insurance in the event of a loss.  Identification of the true reinstatement values assisted with differing scenarios of estimated maximum losses.  In this case the broker found the risk of terrorism to be greater than that of standard fire and explosion.  This gave rise to a 12% secured rate reduction and saved the insured $400k in premium in one year.  The cost of this valuation was less than 5% of the premium saved.

In such periods of financial strain it is imperative that full value for money is received for every penny spent. It is essential that business owners are secure in the knowledge that if they suffer a loss claims will be paid in full with the least possible disruption to business function and cash flow, and that all intermediaries have demonstrated their higher duty and acted with utmost good faith.  In a future where general businesses and individuals are set to struggle it is imperative money is spent wisely.  As an industry let us treat our clients fairly and restore faith in and value for the product of insurance