Insurance can be a costly and inefficient method of dealing with corporate risk. At Franklands we work with clients to explore other options before using Insurance to mitigate the particular risk being reviewed.
Franklands employs an extensive Business Risk Analysis programme that studies the Risks facing a business under 15 major headings. The objective of Risk Analysis is to Identify the threats to your business, quantify those threats and assist in reducing, or removing their impact.
We will introduce a range of techniques for reducing or removing risk, before transferring the remaining risk to insurers through a bespoke Insurance Policy. By purchasing insurance for only those risks which remain, the overall cost of risk is reduced and this reduction is enjoyed in future years.
The following are examples of some of the areas where we can help:
- Fire protection
- Theft protection
- Accident reporting procedures
- Control of Substances Hazardous to Health (COSHH)
- Health & Safety consulting
- Risk assessments
- Manual handling
- Personal protective equipment
- Electricity at Work Regulations
- Noise at Work Regulations
- Construction safety
- Permits to work
- Environmental management
- Motor Fleet risk management
- Motor Fleet claims analysis
- Defensive driver training
Triumph Motorcycles Ltd
Anatomy of a Fire Claim 15/03/2002
The work of an Insurance Broker is all too often thought of as merely obtaining the cheapest premium but when faced with a large claim the emphasis changes to the quality of advice, the quality of the Insurer and whether the agreed programme is fit for purpose.
Work had ceased at the main production plant of Triumph Motorcycles in Hinckley in the early evening of Friday 15th March 2002, but as the workforce were starting their weekend break, a disaster was about to strike.
An undetected leak of petrol from the rolling road fuel rig resulted in an explosion which caused a very severe fire. Substantial damage was caused to buildings, machinery and stock and presented Franklands with what was stated to be the largest post war fire insurance loss at that time.
As a Franklands client, regular contact with Triumph and advice from qualified and experienced Insurance professionals meant that the liability of the consortium of 4 insurers was quickly established. Substantial payments were negotiated on a daily basis and limited production was back in place after 6 months. Remarkably, full production was achieved within 9 months of the fire.
Post fire, Triumph has gone from strength to strength in gaining market share in the worldwide motorcycle market. It is a real British success story that owes its success to strong Insurers and a well constructed Insurance programme put together by a Derby Insurance Broker.