Engage with the insurance industry
...was the key message delivered by Roger Lewis, ITIC's Underwriting Director, when he spoke at the Rail Safety Conference at Birmingham's ICC on 20 May, 2010.
Transport professionals spend less than 1% of their time buying insurance protection for their business, yet it is often one of their biggest “top three” company expenses. Using that 1% of time more efficiently has to be a good idea, otherwise the remaining time invested in the business might, one day, all come to nothing. Roger Lewis offered the conference “three tips” on buying insurance more effectively:-
(1) Present yourself as a true professional. Avoid sloppy proposal or application forms and look for an insurance broker who can help you sell your professionalism to your underwriters;
(2) Engage and educate your broker and insurer about exactly where you work in the rail environment (red zone/green zone etc.);
(3) If you get “silence back” from your insurers (i.e. they appear to be not interested) keep on looking. Any broker, or insurance company, who will not engage with you at the buying stage, is unlikely to want to do so when you need them most. Remember that you may well be relying upon them to help rescue your business in the event of an insurable loss. ITIC is one insurer who is keen to engage with your industry. There are also a small number of specialist insurance brokers with a focus on the rail sector.