Practical Advice for Your Insurance Renewal Negotiations Steven Harvey, Dip CII, Director WPS Insurance Brokers & Risk Services

Firstly …… An Introduction To WPS South West based Independent Insurance Broker. Experience dealing with Town Councils for over 10 years. WPS act for over 40% of Town Councils in England and Wales. Exclusive Town Council Insurance Scheme backed by “A” rated composite UK Insurers. WPS are a listed Top 100 UK and Chartered Insurance Broker.

All Councils are under financial pressures to reduce costs..... Your insurance arrangements have to be competitive but more importantly must address the insurable exposures of your Council.

The benefits and practicalities of a pre-renewal meeting with your Broker/Advisor…..

1.Review sections of policy operative. 2.Review covers and perils operative. 3.Review sums insureds and Asset Registers. 4.Discuss and understand conditions, warranties, subjectivities and exclusions.

5. Review Risk Management and Health and Safety Procedures. 6. Review moral and physical hazards. 7. Review self insurance, first loss, variable excesses.

8. Look for added value:- Valuation service Flexible renewal dates (free month’s cover) Interest free instalments Liability Risk Audit Retrospective Rebates (for good claims history)

9.Review and challenge claims reserves. 10. Consider long term options. 11. Review claims and administration support from Broker/Insurer.

A few key facts and figures % of buildings are under/over insured. 60% of Interruption claims are under insured. 85% of Town Council claims costs relate to Liability incidents. Insurers are increasingly looking for ways not to pay claims rather than ways to pay claims!

Address these issues and not just focus on the “bottom line”. Real “best value”. PEACE OF MIND.

Thank you for listening