Insurance Renewal for Construction, Public Liability, Travel, Vehicles, Professional Indemnity andInsurance Renewal for Construction, Public Liability, Travel, Vehicles, Professional Indemnity and Management Liability Management Liability.
The collective insurance plan is due to end 30.11.20 so we are compiling the information for MBA (holding general broker) as well as WTW (holding warranty insurance and potential new general broker) so that both may go their respective markets and seek renewal terms.
We will be contacting all franchisees this week to seek updated anticipated turnover details so that we can collate the anticipated group volume to go to market. Once we have the final figures we can seek tenders from the insurers, which we can then communicate to each of you the anticipated costs for the next 12-months.
The kinds of questions we will be asking are:
1. Do you wish to remain/be added to the travel insurance policy?
2. What is your expected turnover (inclusive of GST) between 1 December 2020 and 30 November 2021? It is generally preferential to slightly underestimate your turnover so you aren't paying higher insurance unnecessarily for turnover that may never materialise. You can always fix up the difference at the end of the insurance year once the turnover (and profit) has materialised.
3. How many vehicles do you have, their indicative values, registration particulars, and if you would like them included on an motor vehicle policy? - this is not collective purchasing so the rates aren't that sharp unless you have large plant or quite a few vehicles.
4. Do you have a business premises (or display homes), what is it made out of, what is the structure worth, do you have contents and its worth and whether you want these items included in the group insurance?
The collective group volume has grown considerably since our last renewal (in excess of $10million), the market however has had a turbulent time with lots of claims industry wide and several insurers pulling out - the net result being that pricing will likely end up not dissimilar to last years pricing.
If you're not currently part of the collective construction insurance plan I strongly encourage you to reconsider. We are yet to find an individual builder paying premiums comparable to the rates you are offered when bundled together. I'll comment below some links to earlier comparisons undertaken in due course (hint, most discounts are in the 40-50%).
We have the draft 2020/2021 Financial Year Asset Register tentatively completed (from last years data) and will be sending you through a copy of the latest version we have on file for you to check/adjust/approve.
