Corporate Insurances Collective
Mutual One has been operating an Insurance Collective for several years and many Building Societies have already benefited from participating. Mutual One has recently developed a similar arrangement for Friendly Societies and Mutual Insurers with quotations, including:-
- Property – Buildings Machinery, Stock, Business Interruption, Money, Computers
- Casualty – Employers and Public Liability
- Personal Accident and Business Travel
- Motor
- Engineering
- Directors and Officers – including Company Reimbursements and Employment Practice Liability
- Crime – Employee Dishonesty and Third Party Fraud
- Professional Indemnity – Errors and Omissions Covers
The main benefits include:
- The potential to reduce premium costs.
- Wider levels of cover underwritten on a portfolio basis. This will deliver greater price stability and offers a less volatile approach to risk coverage.
- Development of a profit share arrangement with a collective claims threshold.
The basic philosophy is simply that by negotiating collectively, the terms to be secured will be better than Societies working and negotiating in isolation. Working together, mutuals have more buying power and, at the same time, will allow the insurer to take a broader view of risk.
The Mutual One Friendly Society and Mutual Insurers facility is brokered by Marsh and underwritten by a major, well known insurer. Societies can join at any point in their renewal cycle and Marsh will assist all interested Societies in migrating from their existing relationships to the new policy with no disruption of cover. Although this is a collective arrangement, from the point of view of price and cover, each participating Society still retains an individual 'bespoke' policy that can be fine-tuned to specific needs.
For discussion and a quotation – including how much we can save your Society – simply contact our Business Support Manager, Karen Alexander, on karen.alexander@mutual-one.co.uk or 07974 267412