How would you rate the value you get from your Marine Trades Insurance programme?
10 out of 10? … 8 out of 10?… 6 out of 10? … Lower?
How do you define value? One definition of value is Quality as perceived by the Customer over Price. To start the process then you first need to assess the quality of your Marine Trades Insurance programme.
Does it cover you for all your activities or are there restrictions that prevent you from expanding your business? Are your buildings and contents insured properly or are they underinsured? Are you indemnified against the new exposures facing your business in the 21st Century or are you unprotected against these liabilities? Do you receive your annual renewal invitation in good time or do you always receive it at the 11th hour? Do you receive good service throughout the year or do you always have to chase for information on claims or adjustments?
Asking yourself these questions, along with any others you believe relevant, will help you gauge the quality of your insurance programme. You can then weigh up your perceived quality against the price you pay your provider to determine the value you are getting.
So, are you happy with the value you are currently receiving?
One of the ways you can improve value is by increasing the quality whilst maintaining the price. You could also maintain the quality and reduce the cost. The best scenario would surely be to increase the quality and decrease the cost but is this actually possible? One way a specialist could deliver this arrangement would be to offer a bundle of products. McDonalds are experts at doing this by bundling fries and a drink with a burger. Microsoft has done something similar with Microsoft Office.
It would be very difficult for an insurer selling direct to the market to offer a product bundle as it is likely that they will not offer any additional products they could bundle with their basic policy offering. However, a specialist Marine Trade broker with access to multiple insurance markets and specialist stand-alone products would be able to offer a product bundle and increase the overall value of a Marine Trader’s Insurance programme.
If you are unhappy with the Quality, the Price or the Value you are currently receiving from your Marine Trades Insurance provider, telephone Mark Elcocks at IRCM on 01902 796 793 or email markelcocks@marineinsurance-ircm.co.uk and find out if IRCM can cut your costs and increase your cover in 2015.