Some frequently asked questions… answered by your trusted Insurance Broker
These times are unusual for everyone. They have opened the floodgates to questions which we never even thought we would have to consider or reply. But now, during this pandemic, we are learning to adapt according to the requirements, the expectations and the unique circumstances of our respective clients.
What is certainly standing out, especially in these very exceptional times is the importance for companies to be serviced by a strong and trusted insurance broker.
Most of our clients have found themselves in vulnerable situations right from the very start of this pandemic and at Island, we have been working hard to ensure that insurers consider the position and needs of our clients in order to safeguard their business operations from this pandemic’s impact. Seeking a balance for our clients to be treated fairly and flexible as they try to adapt to new ways to continue their business operations has been our main priority.
The recognition that Island Insurance Brokers Limited enjoys with various local and international insurance providers is surely helping us explore the best deals in all insurance market for our customers. We are therefore encouraging our clients to tell us how they are adapting their operations so that we, as their insurance brokers, will be better positioned to negotiate and adjust adequate insurance covers to continue protecting their interests. This is important to ensure that their ability to claim will not be jeopardised in any way by the current situation, so long as it falls within the scope of cover.
From our end, we will ensure that such changes have been done appropriately and in the adequate process. These modifications must be made as clear and noticeable as possible for all clients to be made aware. Our job at Island Insurance Brokers will now be to ensure that our clients are treated fairly without being misled or taken advantage of due to the present situation.
Our recommendation is to start discussing early any insurance requirements. In a hard market, insurers refer certain risks to reinsurers who may impose more restrictive terms at higher premia. Through our various contacts both locally and internationally, we can guide you to ensure you obtain the most competitive terms on the market for each particular risk.
One common question we encounter relates to which underwriters should now be considered and why.
Our recommendation here is to consider those underwriters who are most flexible and best positioned to offer the best solutions in the current circumstances – especially those who enjoy a high credit rating from reputable credit rating agencies. Such underwriters should be able to amend rating levels downwards to assist customers at this delicate moment, remove any Minimum Premium imposed at the inception of the policy, offer lengthy credit arrangements and not limit the policy wordings by including exclusions concerning this pandemic.
From our end, we at Island Insurance Brokers Limited are always on the lookout for the continuing changing market conditions to guide our customers to the best possible solutions. We have adapted and managed to change our traditional ways of helping clients by shifting to an effective online operation to ensure that our clients will continue enjoying our service. We have always acted fairly, honestly and professionally but the current national situation will not detract us from this philosophy. We will continue to mitigate the impact of this pandemic and offer our clients continued clear communications whilst keeping the best interest of our clients as our main objective.
Most importantly, we will not let any lacunas or gaps in cover, affect or cause harm to our clients.
During these unprecedented times, we at Island are keeping ourselves able to assist clients to understand the changes in the market and the potential impact of Covid19 on their insurance. We remain on the look-out as we seek better products on the market, that meet our clients’ requirements, assisting them and offering them the best professional and trustworthy advice.
Island Insurance Brokers Limited (C10536) is enrolled to carry out insurance broking activities under the Insurance Distribution Act, Chapter 487 and is regulated by the Malta Financial Services Authority