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Hard-to-place risks aren’t uninsurable. Here’s why

  • Adroit Insurance and Risk
  • April 24, 2024

The insurance market has not been easy in the past few years. Premiums keep going up and things are set to stay this way after last year’s devastating floods. Insurers have pushed through rate increases across most product classes and indicated they’re not done with the price adjustments yet.

And if your business happens to fall into the “hard-to-place” risk category, chances are you have had it even tougher than most.

So what exactly is a hard-to-place risk?

The term is commonly used by the insurance industry to refer to risks that are perceived as more complex and complicated. The business may be particularly exposed to natural catastrophes, or have a record of making large claims in the past. If a business is seen as unique or relates to some sort of hazardous activity, it’ll also fall into the hard-to-place group.

In other words, readily available off-the-shelf cover is probably not going to be the right insurance solution.

Typical examples of hard-to-place risks include industries such as mining, energy, meat packing and waste recycling. In recent years, however, the list of hard-to-place risks has grown – a trend that is reflective of the changing risk landscape.

Businesses that used to be able to acquire insurance such as amusement park operators have found it difficult. They need public liability insurance to carry on their business but finding a policy within budget has been tough. In some extreme cases some are willing to pay, but can’t find an insurer.

Here’s the good news. A hard-to-place risk does not in any way mean that it cannot be insured. And more good news. We’re here to help.

We have a strong network of contacts with specialist insurers and underwriting agencies who know all about hard-to-place risks. We’ll find a tailored cover that offers the protection you need for your business. The risk may be hard but hard does not mean impossible.

So don’t give up. Give us a call, tell us what you’re after and we’ll get straight onto it. Remember we’re your risk adviser, so let us help, and you can focus on running your business.

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