Where standard insurers cannot provide suitable cover, specialist insurance markets may be available.

Depending on the risk, this can include:

• Specialist Australian insurers.
• Underwriting agencies.
• Lloyd’s markets.
• London market insurers.
• Other international insurers.

Why use a specialist market? #

Specialist insurers often focus on risks that do not fit standard insurance products.

Examples can include:

• Unusual occupations.
• Higher-risk activities.
• Complex professional services.
• Large or unusual property exposures.
• Difficult claims histories.
• Emerging technologies.
• Overseas activities.
• High contractual limits.

A risk declined by a mainstream insurer may still fit a specialist insurer’s underwriting appetite.

Does overseas placement mean the policy is automatically better? #

No.

An overseas or specialist market may provide access to capacity that is not otherwise available, but the policy still needs to be assessed carefully.

Important considerations can include:

• Scope of cover.
• Exclusions.
• Limits.
• Excesses.
• Claims arrangements.
• Insurer security.
• Applicable law and jurisdiction.
• Premium and fees.

Can Webber Insurance access Lloyd’s markets? #

Australian brokers can access Lloyd’s capacity through Australian underwriting agencies, Lloyd’s service companies and specialist wholesale or London market arrangements.

The appropriate route depends on the type and complexity of the risk.

Will every hard-to-place risk have an overseas option? #

No.

Some risks remain difficult even within specialist markets.

The objective is to identify realistic markets rather than assume that an overseas insurer will automatically provide cover.