Case Study: Food & Drink Organisation

Situation:

CCRS were invited to participate in a fully costed insurance review through a consultant who we have worked closely with in the past and demonstrated value and expertise within this industry sector. The client had inherited a large quantity of physical assets following a management buy-out from a large multinational group so were unclear on the total exposure or a true picture of what was/was not insured.

CCRS were asked to complete a full review, including a detailed due diligence of the programme structure, with only 4 weeks till renewal.

Strategy:

During our review period, we conducted a comprehensive Risk Audit which evaluated the business premises, business operations, culture and health & safety procedures in place. From this information, we produced a full Due Diligence Report which reviewed the company’s insurance programme and highlighted the various gaps in cover such as:

  • Business Interruption underinsurance
  • Onerous policy conditions which were difficult to comply with
  • Lack of full asset protection which could lead to potential declinature of claims
  • Inadequate limits of liability
  • Various uninsured policies such as cyber liability, crime, product recall and deterioration of stock

CCRS worked in partnership with a range of insurers to ensure that these were addressed.

Results:

CCRS were able to amend policy conditions which would have otherwise resulted in claims declinature, as well as advising the company about the best insurance options for a rapidly growing company to include full asset and revenue protection. Due to our in-depth knowledge and understanding of the specialist markets for the Food and Drink industry, we were able to save this client 30% on their premium whilst improving their policy coverage and aligning them with an insurer who fully understands the risks associated with the F&D sector. Our review process focussed on due diligence and repairing, presenting and offering solutions to current gaps in cover thus offering excellent value for money and enhanced protection. CCRS pride ourselves on extraordinary service and we delivered all of the above within the limited timeframe ahead of renewal.

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