Sector: Precision engineering  |  Headcount: 310  |  Sites: 3

The situation

The client had grown through two acquisitions in four years and had never consolidated the insurance programmes that came with them. Three separate property policies, overlapping liability cover, and renewal dates spread across the calendar left the finance director unable to answer a simple question: what are we actually paying for?

What we found

• Two of the three sites were insured on valuations more than six years old.
• Liability cover was duplicated across two policies for the same activities.
• The business interruption indemnity period was twelve months against a realistic plant replacement lead time of nineteen.
• Sprinkler upgrades completed the previous year had never been disclosed to the market.

What we did

We aligned all renewal dates to a single date, commissioned an independent reinstatement valuation across the estate, and rebuilt the submission around the client’s actual risk profile — including the protection improvements that had gone unreported. The programme was then remarketed to a targeted panel rather than issued broadly.

The result

• 22% reduction in total premium spend year on year.
• Business interruption indemnity period extended from 12 to 24 months.
• Duplicate liability cover removed, with a single tower and clearer limits.
• Property sums insured corrected upwards by 31% — closing a material underinsurance gap in the same exercise.

Why it worked

Nothing here was exotic. The saving came from telling the market an accurate story about a well-run business, and from removing cover the client was paying for twice. The more valuable outcome was the underinsurance correction, which would have cost far more than the premium saving had a loss occurred first.