Top tips for insurance buyers

Aviation
| The European | 19 August 2019
  • Ensure you have the right representation: It is vital to partner with a broker that understands your unique risk profile and has the experience, leverage and insurer relationships to navigate this hardening market and deliver the best result for your organisation.

 

  • Start your renewal process earlier: In the current market renewal negotiations can take longer so the earlier the process is started, the better. Early preparation and engagement with the market can be key to achieving the best result and it also allows for more accurate planning and budgeting.

 

  • Consider your options: Review your insurance requirements and take time to consider alternative options and recommendations from your broker.

 

  • Present the right information: With more insurer selectivity in the market, presenting the right risk information is essential as it will help differentiate you from your peers and better educate underwriters on your individual risk.

 

  • Insurance carrier relationships: Taking time to regularly speak or meet with your key insurance partners will help build relationships and leads to more constructive discussions and renewal negotiation.

 

  • Focus on loss control measures and safety management: Many factors play a part in an underwriters assessment of risk, however those clients who can demonstrate an active approach to safety and loss control will undoubtedly be viewed far more positively. Clients should therefore make sure to share the results of any risk management projects or surveys undertaken so that these can be positively highlighted by your broker when marketing your risk. Similarly, with such a diverse range of specialist aviation solutions and services available in the industry today, clients should take time to speak with their broker to explore the latest resources and discuss the potential benefits they can provide.

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