Navigating in troubled times
2020 has left many businesses in unchartered waters. In times of uncertainty, receiving the right advice is critical. Never has it been more important for businesses to partner with an insurance adviser they can rely on.
With months of forced closures and the uncertainty around the reopening of their facilities putting pressure on cashflow, the CEO of the high-end health club group, Roko turned to us for advice. Roko’s insurance was due to renew whilst their premises were closed, but it was difficult to identify the basis on which to renew. Turnover was unpredictable, as was the level of public liability risk, given nobody knew when members would be allowed back into the premises.
Working in partnership with Roko for more than 19 years, we had in-depth knowledge of their business. This meant we could represent them to the underwriter and negotiate more flexible terms on costs, payment schedules and cover, dialing it down to reflect the situation at hand, but ensuring it was ready to dial back up as things changed.
Our in-depth understanding yielded cost savings and eased cashflow, as well as flexible options on the premium finance (which is becoming increasingly difficult in the sector). Renewal terms were secured at a reasonable cost, and despite the increasingly “hard” market, which was seeing rate rises start to bite, all of Roko’s sites were able to open again.
In the face of another national lockdown, the Group has a renewed sense of confidence in an insurance package designed specifically to support them through these challenging circumstances.
The client’s view: “When we were facing hurdle after hurdle with lockdowns and operating restrictions, the Partners& team were there for us – they understood our priorities and provided great advice and flexibility on our insurance arrangements. There was a constant two-way dialogue and we really felt they were in our corner when it mattered” – Nigel Maglione, Chief Financial Officer, Roko
The Partners& difference:
Partners& has stood shoulder to shoulder with our sports and leisure clients during lockdown. From independent businesses to leisure trusts and franchisees, we have worked hard in our negotiations with insurers to support them – and in several cases, the concessions we secured were exclusive to Partners& insurance schemes. It is in times of crisis that the mutual trust borne out of longstanding relationships with underwriters can really pay off.