Consilium Introduces Casualty Insurance Tool
Consilium Risk Solutions, the UK division of global specialty (re)insurance broking business Consilium, has introduced a new Casualty binder designed specifically for UK-based contractors. This innovative offering empowers Consilium's Risk Solutions team with direct underwriting authority, enabling faster, simpler, and broader coverage solutions compared to traditional Lloyd’s wordings.
Key Features of the Casualty Binder
The Casualty binder boasts several key features that set it apart from traditional insurance solutions. These include:
- Direct underwriting by Consilium’s Risk Solutions team, delivering quicker service and turnaround times.
- Broader policy wordings tailored for contractors, removing many standard market limitations to better reflect real-world contractor risks.
- Coverage focused on low to medium risk contractors with an underwriting limit up to £25 million.
- Claims handling conducted by Consilium’s in-house claims team for streamlined service.
- Exclusive use within Consilium, representing a smarter, more effective approach for brokers placing contractor liability risks.
Luke Browne at the Helm
Luke Browne, Senior Underwriter, plays a pivotal role in underwriting and managing the product. With over a decade of experience underwriting liability and contractors’ risks, Luke focuses on creating improved broker relationships, delivering enhanced wording flexibility, faster processing times, and building strong partnerships.
Expansion Plans
Consilium expects to add further products to the binder later in the year, including Contractors All Risks, Plant, and Property Casualty. The company is also commencing a UK wide roadshow to introduce the binder to retail brokers.
In summary, the Casualty binder by Consilium UK represents a specialized, streamlined, and more responsive insurance solution tailored for contractors, led by Luke Browne who plays a pivotal role in underwriting and managing the product to meet market needs efficiently and effectively.
Additional Offerings
In addition to the Casualty binder, Consilium has also unveiled a new global delegated underwriting authority (DUA) service called Exponential. This service, available to both insurance and reinsurance coverholders globally, aims to disrupt the prevailing market for binder placements.
Furthermore, Consilium has launched a new Cargo Stock Throughput offering, with Jack Cooper appointed as Senior Partner. This new offering promises to provide innovative solutions for clients in the cargo industry.
With these new offerings, Consilium continues to demonstrate its commitment to innovation and providing specialist capacity for difficult to place risks in the Lloyd's and London Market.
- Consilium's Risk Solutions team, led by Luke Browne, introduces a Casualty binder innovation in the insurance industry, featuring direct underwriting and broad policy wordings for UK-based contractors, providing faster, simpler, and broader coverage solutions compared to traditional Lloyd’s wordings.
- The Casualty binder also includes claims handling conducted by Consilium’s in-house claims team, coverage focused on low to medium risk contractors with an underwriting limit up to £25 million, and is designed exclusively for use within Consilium, representing a smarter, more effective approach for brokers placing contractor liability risks.
- Consilium plans to expand the Casualty binder later in the year, adding Contractors All Risks, Plant, and Property Casualty, and commencing a UK wide roadshow to introduce the binder to retail brokers, signifying the company's ongoing commitment to innovation and providing specialist capacity for difficult to place risks in the Lloyd's and London Market.
