What’s your brokerage’s plan for simplified, stable future coverage?
FM Affiliated’s 100% capacity solution streamlines contracting
Rate hikes and capacity restrictions appear to be the norm in commercial property insurance, making the shared and layered approach more complicated and time-consuming for brokers.
- Multiple carriers with their own policy wording and requirements
- Searching for replacement carriers if anyone drop out during policy renewal
- Delays in loss settlement with multiple assessor visits and cashflow issues for clients that can lead to business disruption until agreements are reached and the loss is repaired
"With FM Affiliated, you don't face any of these challenges," Dieux adds."If we believe in a risk, we'll write it 100%."
"The FM Affiliated advantage of having one insurer with full capacity is speed of placement—so brokers are able to handle several renewals at the same time" explains Nicolas Dieux, FM Affiliated's Operations VP, Regional Chief Underwriter – Europe, the UK, and Australia.
More stable capacity and price overtime
FM Affiliated's entire capital base is dedicated to commercial property insurance, allowing for stable, long-term coverage with broad policy wordings to provide the best possible client experience. As part of FM, we are backed by $20 billion in capital with consistent superior agency ratings.
This allows us to offer hassle-free 100% capacity coverage, radically simplifying the programs you can offer to clients. "Brokers tell us the approach frees up more time to focus on winning and retaining lasting client relationships".
Customizing cover for clients
Each policy starts with the same core policy wording and is then customized to suit your client's needs based on the property's occupancy type.
For example, our Retail Endorsement enhances our core proVision 4100 policy to include coverage for damage caused by a change of temperature or humidity resulting from an accidental event, as well as expenses incurred by the insured for complying with the recall of a product they sell. It also modifies the valuation section of the policy to cover merchandise held for sale, at the selling price.
"FM Affiliated offers a valuable set of offerings that covers many non-traditional items," Dieux adds. "These include debris removal costs, as well as demolition and increased cost of construction – in cases where it would be faster to rebuild a property from scratch than to repair a damaged section."
Maximize client coverage and Protection
FM Affiliated's proactive approach to risk mitigation and loss prevention is what lets us provide 100% capacity and superior coverage to clients. Through providing the engineering expertise to implement effective risk reduction measures, we are empowered to offer enhanced policy terms and conditions.
Example manufacturing client – back to business in days
The client discovered the benefits of embracing our approach to property insurance when a fire broke out at one of its facilities.
The company's fire protection system extinguished the blaze with limited damage to the production line and no contamination to its other products stored nearby. An FM Affiliated loss advisor then contacted them promptly to discuss the mitigation measures needed to limit the smoke damage caused by the incident.
Working closely with our claims and engineering departments, as well as decontamination contractors, the client mitigated losses and restored all affected equipment in just four days.
You can find more examples of how our 100% capacity solutions simplify broker processes, improve coverage, and streamline claims management in the Client Stories section of our website.
If you have a commercial property client you think could benefit from our engineering-led, risk prevention-focused approach, we'd love to hear from you.
This is the fourth in a series of articles FM Affiliated is producing to help insurance brokers understand the value we can provide to their commercial property insurance clients. Look out for the next post, which highlights how our in-house claims management team helps us deliver superior client experiences.
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