Specialist risks and the London market – your questions answered

We understand the challenges you face as an independent broker and placing specialist risks can be difficult, especially when it falls outside of Aviva’s underwriting appetite. Where do you go if you have a client who needs to find a solution for Waste and Recycling, Asbestos Removal or Scaffolding? 

Miles Smith are Aviva’s chosen London market supplier for placing risks that fall outside of our underwriting appetite. They are one of the largest independent London Market brokers and have been providing solutions for over 30 years, developing a highly sophisticated range of products and services for many specialist and high-risk industries. 

Frequently Asked Questions

So, what do Miles Smith do and how can they support you in winning more specialist risks? To answer any initial questions you may have, Miles Smith have answered some of the common questions they’re asked to provide some insight into the service they provide brokers.

How can Miles Smith help independent brokers to widen their risk-offering?

Miles Smith provide brokers with access to the London Market, giving them the ability to obtain competitive quotes for high-risk business. This business often falls outside the appetite of composite insurers, therefore we provide a solution that enables brokers to widen their risk offering, helping them to win more business. 

What are the typical risk types Miles Smith provide solutions for?

We offer schemes and facilities for businesses operating in asbestos, hazardous goods, waste, construction, motor fleet, building and engineering services, nightlife, leisure and entertainment. We have DUAs for tradesman and professional indemnity.

What are the most popular risks Miles Smith place and why?

Our most popular risks are those in waste, tradesman and construction due to the competitive schemes and facilities we provide which offer comprehensive coverage and quick quote turnaround times.

What does A rated cover mean to a broker / customer?

An “A” rated insurer is one that is at the top end of creditworthiness in its area of activity. The stronger the financial strength rating, the more likely it is that it will not experience financial failure and this provides reassurance to a customer that claims will be met when they arise. 

How does this compare to other insurers who do not provide A rated cover for high risks?

The broker/ customer will feel less reassured about the creditworthiness of the insurer to meet claims. However, provided the rating is within an acceptable range, this uncertainty may be compensated by the ability of the broker/client get better terms or customer service. It may also be the case that no A rated insurers exist in a very specialised, high risk market. The broker/client will then have to deal with the security that is available. 

What’s the impact to the customer not using A rated cover?

Insurers who are not A rated are regulated by the FCA so the customer is still appropriately covered, it is the role of the broker to ensure there is no risk of underinsurance.

What’s the process Miles Smith would undergo with the London Market to insure a ‘high risk’ presentation?

We receive presentations from across the UK which are immediately logged and are assessed to see if we can place on one of our exclusive binders or whether we need to approach Lloyds / London Market. If we go to the market, a slip presentation is produced and then our brokers proceed to negotiate with underwriters in order to secure the best terms possible for the client.

What's the typical profile of Brokers who can access the London market?

Brokers that are seeing a reasonable amount of high-risk business; however we will always endeavour to find a solution for the broker.

For more information on Miles Smith, visit Marketplace today. 


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