ASBESTOS REMOVAL INSURANCE CASE STUDY
Asbestos Removal Contractor, Liability Remarketed Across Three Specialist Markets
An established asbestos removal business already had a quote of around $32,000 in hand. Three specialist liability markets quoted the same risk between around $31,600 and $65,400, and we placed it with the lowest, with continuity of cover noted.
THE SITUATION
An established asbestos removal contractor asked Tank Insurance to test its liability program against the market. The business already held a quote of around $32,000 from elsewhere and wanted to know whether the specialist asbestos liability market could do better.
OUR APPROACH
Asbestos liability is written by a small number of specialist markets, so the work was in presenting the risk consistently to all of them rather than finding capacity.
- Three specialist liability markets quoted the same submission: approximately $31,600, $34,600 and $65,400.
- Continuity of cover was documented. The successful market asked for a copy of the expiring schedule so continuity of the asbestos liability cover could be noted on the new policy.
- Insurer claims history was requested from the client to support the submission.
THE CHALLENGES
The spread is the story. Two of the three markets priced the same contractor within a few thousand dollars of each other, and the third was more than double. For an occupation with a narrow market the quote a client holds is not necessarily the market price, which is why a remarket is worth running even when a quote already exists.
THE OUTCOME
Liability was placed with Sterling at a premium of approximately $31,600 a year, below the quote the client already held, with continuity of the asbestos liability cover noted.
Final Solution: Asbestos removal liability at around $31,600 a year, placed with the lowest of three specialist markets.
This case records one historical outcome; current insurer appetite, premium, timing and terms depend on the complete risk at the time of application.
For the wider buying context, see our demolition and asbestos removal insurance guide.
ASBESTOS CONTRACTOR QUESTIONS
What this placement answers for other asbestos removal businesses
How much does asbestos removal liability insurance cost?
Which insurers write asbestos removal in Australia?
What is continuity of cover and why did it matter here?
DEMOLITION AND ASBESTOS
Put this placement in context
Case-study results are historical and are not a promise of current pricing, capacity or policy terms. This page is general information only and does not take account of your objectives, financial situation or needs.
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Send us the expiring schedule and claims history. We put the risk to the specialist markets that write it and show you the spread.