BACKGROUND

Our client, a seismic contractor, is regularly engaged to undertake seismic surveys in remote locations using heavy machinery to measure and interpret seismic waves to help identify oil and gas reserves.

Upon being acquired by a private equity group, Allegiant IRS was approached directly to undertake a full review of their insurance program to assess its adequacy and identify any potential premium savings.

INNOVATIVE APPROACH

An in-depth review of the client’s existing insurance program was undertaken, uncovering several insurance cover deficiencies and double ups in insurance coverage. 

To address these issues, we provided the client with a clear engagement strategy which highlighted the steps required to rectify and improve their insurance program and cover deficiencies.

In addition the McCullough Robertson’s Insurance & Corporate Risk Division was also engaged by Allegiant IRS to provide a legal review (and peace of mind for the client) of the recommended insurance placement.

CLIENT SUCCESS

Following Allegiant IRS’ recommendations, the client now has confidence in their insurance program responding in the event of a difficult claim/loss arising.

The key items achieved on this insurance program were:

• replacing previous standard insurer wordings with bespoke Allegiant IRS Policy Wordings (with assistance from McCullough Robertson) which provides a greater breadth of cover than what can be achieved on a standard insurer wordings
• saving the client over $150,000 in insurer premiums
• stripping out broker commissions which in turn reduce the compounding effect of Government charges e.g. GST & Stamp Duty; and,
• procuring additional policies to cover previously uninsured risks.