Lockton is the world’s largest, privately owned insurance broker and risk management adviser employing around 4,000 associates and placing in excess of £10 billion in premium on behalf of our clients. Our size and expertise ensures we enjoy significant influence with the world’s largest insurance companies and we have used this to create an exclusive insurance facility for NEPIC members.
Working closely with Stan Higgins and the team at NEPIC, we have set up an agreement with six of the world’s largest insurance companies to give NEPIC members a “better deal”. These insurers have been carefully selected on a number of criteria including:
- Financial standing
- Having a real appetite, knowledge and expertise in all the market sectors that NEPIC members operate in
- The ability to provide cover for all types of organisation from small local businesses to large global multi-nationals with complex insurance needs
- Market leading service and specialist risk management resource
- A real commitment to North East companies, through local offices
It is important to note that although we put together a panel of six insurers we are not restricted to this. Lockton will still source quotes from other insurers and we will only ever recommend what is best for your business.
What is a “Better Deal”?
The benefits of being part of the NEPIC Insurance scheme:
- Guaranteed premium savings - The insurers on the NEPIC members’ panel have all agreed to guarantee savings on existing premium spend of at least 10% although we anticipate this to be greater in most cases.
- Broader cover - Being part of the NEPIC Insurance scheme will allow companies to secure enhanced/superior cover.
This will be tailored to each individual businesses needs but is likely to include:
- Higher Limits of Indemnity as standard, which in addition to giving better protection, will help when tendering for contracts
- Broader policy cover giving your business better protection
- Market Leading Risk Management Support - Again this would be tailored to individual needs and is available to companies of all sizes (SME to Global Multinational) on risk management issues including but not limited to - Health & Safety, Business Continuity Planning and Motor Fleet Risk Management. Much of this can be accessed free of charge.
- Enhanced Claims Support - We hope you never have to use this but buying insurance through the Lockton/NEPIC facility will ensure you have access to major loss claims specialists and market leading crisis management support.
Being part of a larger group of companies will also ensure your claim is handled by insurers in a sympathetic manner, ensuring losses are recovered/claims settled with minimal disruption to your operation.
Gaining long term benefits
The insurers that we are working with have bought into a simple concept. Essentially, they see a NEPIC membership of 500+ companies that they would like to insure, and they will offer members a better deal to achieve this. Over time though, the success of the facility will depend on how many members support it. The more members who place their insurance through the facility, the better it gets in terms of price, cover and additional services. We can deliver this in the short term but we need members support to make it work in the long term.
To this end please do engage with us and let’s discuss how we can help support your business and what benefits we can bring. We will be in touch with you in the hope of establishing how best we can take this forward. Alternatively please feel free to contact us using the details provided below:
Lockton Companies LLP
Michael Farrell, Partner
Dan Hopkinson, Vice President
Telephone: +44 (0) 191 261 3070