How Cory Group and FM Transformed a Loss into a Recovery
In today’s volatile commercial property landscape, insurance is no longer just about coverage — it’s about collaboration. When Cory Group (“Cory”), a major player in the UK’s waste and recycling sector, faced a catastrophic turbine failure, it wasn’t just the policy that saved them. It was the planning.
This is the story of how Cory and FM turned a potential disaster into a model for claims excellence — and what it means for brokers and clients navigating an evolving risk environment.
The Challenge: A Catastrophic Loss
In 2018, a power utility fault caused a 60-tonne turbine at a Cory facility to come to a halt in just 97 seconds. The result: a loss exceeding £30 million. For most businesses, such an event would trigger months — if not years — of uncertainty and disruption. But Cory was prepared.
“We had previously undertaken a loss workshop with FM that considered a turbine failure,” said Chris Jones, Director of Risk Management and Compliance at Cory. “When the real loss happened, I was able to review the insights and outputs from that workshop. That formed the basis of our communications and recovery plan.”
Within 48 hours, Cory had clarity on how the policy would respond. The claim was settled in just nine months — a timeline that astonished many in the industry.
The Strategy: Pre-Loss Partnership
This success wasn’t accidental. It was the result of a deliberate, collaborative approach to pre-loss planning involving Cory, their broker and insurer FM. With geopolitical risks now topping the list of corporate concerns, Cory’s approach to scenario planning is more relevant than ever. Their turbine loss workshop exemplifies how structured pre-loss engagement can prepare businesses for a wide range of disruptions — from supply chain shocks to political instability – and how to extract value from their policies.
The Insurer’s Role: Engineering for Recovery
FM’s approach is rooted in loss prevention and rapid response, Chris Pink, London Operations Claims Manager at FM, highlights: “We were well prepared for the Cory turbine loss. The day after the incident, we confirmed how the policy would respond. Our in-house adjusters and engineers had already built strong relationships with Cory, which enabled us to act quickly and decisively.”
FM’s structure — with in-house adjusters empowered to make decisions — allowed for fast-tracked payments and minimal delays, especially for straightforward claims. This freed up resources to focus on more complex issues, such as business interruption quantification.
The Outcome: Trust, Speed, Certainty
The result was a smooth, transparent, and efficient claims process — a rarity in large-scale property losses.
“Good communication comes from good preparation,” says Jones. “The trust we built in the planning stages made all the difference. You can’t establish that trust after a loss — it has to be there already.”
The Broker’s Perspective
As both climate as well as cyber threats grow in complexity, brokers should encourage clients to include digital risk scenarios in their pre-loss planning, too — especially as AI accelerates the scale and impact of potential breaches. For example, what if a cyber attack had caused the power cut to the turbine? In today’s connected world, natural and digital risks both require pre-loss planning. Mike Russell, Managing Director at Marsh, emphasises that brokers must move beyond transactional roles to become strategic partners, facilitating workshops, clarifying policy language, and aligning expectations across all parties.
As he puts it: “Everyone buys insurance hoping never to use it. But when they do, our job is to help them understand what’s covered and what isn’t — before a loss occurs. That’s where trust and preparation come in.”
FM works closely with brokers and clients through workshops to prepare for potential losses. Below are three actionable lessons for brokers looking to elevate their client relationships.
1. Make Pre-Loss Planning a Core Offering
Facilitate scenario workshops, clarify policy language, and establish key contacts before a loss occurs.</
2. Champion Communication and Expectation Management
Ensure all parties understand their roles and the claims process. Transparency builds trust.
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