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Strategic Broking finds Mariners wider Life cover

The changing nature of business means that Life Assurance policies may not always keep up with the size of the risk. Strategic Broking helps organisations review arrangements and ensure they provide the right cover for their business.

A Marine Technology client with its own captive insurance company found that it was only able to cover the first £1m of claims in any one year. But the business was actually carrying a higher risk. Using its extensive contacts, Strategic Broking therefore arranged reinsurance for the captive with cover up to £10 million.

  Strategic Facts

• Cover is available where there is a captive insurer, and cannot be used where a company self insures the liability.
• This option allows the captive to keep premium in-house but protect itself by buying reinsurance in the event there are large losses in a year.