Using an insurance broker rather than local authority reduced five London primary schools' premium by £26,000.
Aston Lark was asked to offer assistance and recommendations for a collaboration of five primary schools who have pooled resources to achieve a better outcome academically and financially.
Historically insured through the local authority, the schools usually received their premium notice in the autumn, several months after the cover commenced in April. To opt out of this arrangement, the schools had to give notice by the previous Christmas.
The local authority arrangement had previously worked well, as the schools didn’t have to worry about insurance. However, they became concerned costs were spiralling, with increases of between 9% and 12% each year.
One school suspected the sums insured applied by the local authority were excessive, and so were the consequent premiums.
Aston Lark’s solution
Aston Lark quickly identified the schools’ need for help in managing their insurance requirements for the first time.
Understanding the differences between the local authority’s insurance-buying structure and the appetite of the commercial market was important, together with collating the necessary information.
Aston Lark guided the schools through the full process and ultimately saved them a collective £26,000 on their premium outlay, which included a £12,000 reduction for one school excessively insured.
While not all the schools were over-insured, all expressed their gratitude to Aston Lark for the ease with which the transition was managed and the peace of mind delivered via the new arrangements.
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