Restaurant chain

A large chain of very prestigious restaurants in London and Manchester. Established 5 years ago, has enjoyed rapid growth and now has a turnover of £24 million and 500 employees.

The challenge

This client used a major worldwide broker in the belief that size meant security. The company felt they "couldn't go wrong" using a major company to advise it on insurance matters. Our full insurance audit identified the following problems:

• The general insurance programme was fragmented and wasn't benefiting from bulk buying strength.
• The business interruption cover was totally inadequate; a major loss would have put the company in serious financial difficulty.
• The holding insurers weren't familiar with risk.
• There was no risk management support, especially during the major refurbishment projects the company undertook.
• An exposure under cross-liabilities was discovered.
• Various policy benefits and extensions such as Loss of Attraction were missing.
• The cost of the insurance cover was unbelievably high.
  

• Dramatic cost savings.
• Closer relationship with the underwriter will ensure maximum attention during claims and renewal negotiations.
• Greater security from policy cover.

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