Construction as an industry is the third largest employer in Australia and is going to be incredibly important as we fight the loss of jobs and damage to our economy caused by the global pandemic. It is also one of the most heavily regulated and riskiest industries, making the right choice of insurance critical. We’re pleased to be able to share this recent case study of working with our construction client, VO Group Australia.
About the construction insurance client
VO Group is a construction company that is involved with the design, manufacture and installation of facades to large and multi-story buildings.
Acacia Insurance began working with VO Group earlier this year. When meeting them the VO Group team made it clear that they needed to be confident that we understood the risks that they are involved in and that our company and network was of a satisfactory size and experience to accommodate their business. VO Group noted that they approached us because their professional indemnity renewal premium had increased by hundreds of thousands of dollars which they deemed completely unacceptable. At the time they were under a great deal of pressure to provide evidence of insurance to various principals so it was imperative that they could obtain a more competitive renewal premium in a short time frame.
How we helped
Upon meeting them, VO Group outlined their problem and the Acacia team immediately took the initiative to learn a great deal about the company in a very short period of time. We asked many questions as part of the discovery process, which enabled us to satisfactorily describe VO Group’s risk exposures to the insurance market including their complex contractual obligations. After a dedicated marketing approach to insurers we achieved a premium reduction of over $300,000 compared to the renewal premium, which absolutely delighted the client. This result was obtained through our strong international and local connections.
Outcome and testimonial
VO Group CFO, Yuri van der Walt, shared the below comments on the outcome of our work with his organisation.
“The Acacia Insurance team was subsequently appointed to the balance of our insurance program and I can confirm the premiums and coverage they have achieved have been outstanding in what we understand to be a tough insurance market. Importantly they identified a number of exclusions that we were not aware of and they arranged for these to be amended.
“I believe the success of Acacia is as a result of their dedication and professionalism employed in ensuring that the services provided to their clients is of the highest order. Clearly, they have an experienced and mature team who is capable of being able to think ‘outside the square’ and to solve problems. Acacia Insurance is a thoroughly professional firm and we would recommend their services to any organisation.”