Sea Sure Ltd
A Case Study
The Background
About us
Welcome to Pelican, a refreshingly different broker who strive to bring new levels of energy, enthusiasm and customer service to the world of insurance. We are brokers that truly understand your business, work tirelessly on your behalf to achieve the best cover at the most competitive price for you, and are there by your side when you need to make a claim.The client
You could be forgiven for thinking that high tech engineering businesses are a thing of the past in the UK. Sea Sure are a truly impressive company defying that myth. From their factory in Warsash, Hampshire they are designing and manufacturing a wide range of (predominantly) marine products. Many of their components are mission critical, highly engineered stainless steel and are used in applications such as plane ejector seats and marine safety systems. Their offshoot business, WBV Shock Mitigation makes shock systems used in current Americas cup seating and in Military vehicles used all over the world.The Challenge
Sea Sure’s insurance cover hadn’t kept pace with their evolution as a business. Furthermore, their risk profile, with potentially dangerous plant, life critical products and worldwide exports including North America was off putting to a number of insurers. Reviewing their existing cover, exposed several areas of weakness including (shockingly) exclusions for Marine activities (the essence of all that Sea Sure does). Their cover for doing business in America was also potentially weak.The Process
1. Our Approach
Step one is always about gaining a deep understanding of the business and an accurate picture of their risks. What was immediately apparent was that Sea Sure are an excellently run business, with a robust approach to health and safety in their operations and a focus on quality in their products.
2. Our Solution
After preliminary discussions with a range of insurers, who we felt would have a strong appetite for the risk, we invited Underwriters from Arch (who we felt had the best appetite) to meet the Sea Sure senior management team. Seeing the business first hand, the risk mitigations in place and getting to know the leadership team gave the underwriters increased confidence and a positive approach to premium setting.
3. The Result
Sea Sure now have total peace of mind that they have comprehensive cover for all potential liabilities. Insurance is a funny product – you only find out how good it is when you come to make a claim and Sea Sure had been harbouring a nagging doubt that not all eventualities were properly covered. The Icing on the cake was that expanding the range and depth of their cover has not cost a penny more. By engaging fully with the underwriters Sea Sure reassured Arch that they could take a keen approach to pricing the premium.The Outcome
Pelican’s approach gave us confidence from the start. They really got under the bonnet of the business in order to understand exactly what we did and how we did it. The underwriters from Arch also invested time to get to know us. For the first time, we now have complete faith that we have comprehensive cover for all foreseeable risks. The cherry on the cake was that we didn’t end up paying any more for the improved cover.
Graham Brown, Chairman, Sea Sure
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