In late 2022, the Aon Real Estate team undertook a review of the property insurance arrangements on behalf of Rankeilour; a commercial real estate investor and asset manager. Rankeilour had been working with the same insurance broker for many years and welcomed the opportunity to get a fresh opinion on the structure and cost of the programme. The review was free of charge and undertaken in confidence, several months ahead of the renewal date.
Having reviewed the programme, Aon reported that they were confident they could deliver a premium saving whilst at the same time streamlining the programme by moving it from several insurers to a single insurer with excesses and policy limits consistently applied to all assets in the portfolio. Aon also recommended the removal of several exclusions and endorsements to facilitate coverage enhancements.
Ahead of renewal Aon sought permission to get quotes from several pre-identified insurers. This approach enabled Rankeilour to efficiently run a competitive process obtaining quotes via Aon and, via the incumbent broker who sought terms from those insurers not appearing on the Aon list.
Aon provided renewal terms one month ahead of renewal allowing Rankeilour plenty of time to consider their options. Aon delivered on all the recommended improvements made in their review:
- Premium saving
- Streamlined insurance programme moving it from several insurers to one insurer
- Standardised excess and limits for all assets
- Improved coverage through the removal of several exclusions including working with Rankeilour to obtain the information required to remove an exclusion related to combustible materials.
Commenting on the service provided by Aon, Jamie Fergusson, Co-owner of Rankeilour, “Aon have been straightforward and effective to work with and we are very pleased with the results they have delivered”.
Contact:
Emma Vigus
Business Development Director, Real Estate
[email protected]
07876 127390
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This publication has been compiled using information available to us up to 17 July 2023.
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