Many rail companies are seeing a new dawn for the UK’s railway industry, one lined with equal amounts of opportunity and risk.
That opportunity however needs to be correctly insured with right cover and rail infrastructure businesses are recognising the need for specialist rail insurance knowledge.
Insurance broker Jobson James Rail has seen a surge in companies looking for insurance packages tailored to meet their needs; reducing their premiums while ensuring the best possible cover from a broker that really understands the rail industry and the specific risks they face.
“There is recognition now that specialist and bespoke insurance packages are vitally important as more and more work becomes available to businesses operating in the rail industry, Keven Parker, director of Jobson James Rail, said.
“In years gone by companies have taken their insurance premiums at face value and simply accepted that the outlay is higher due to the nature of the works they undertake. Now, they are beginning to wake up and see that insurance is a key investment to be carefully assessed on a bespoke basis rather than a routine expense for an off the shelf product.”
Through Keven’s rail industry experience, Jobson James is able to secure the best possible insurance package for rail businesses by understanding the very specific rail risks associated with the works each of them carry out.
This knowledge and understanding is often foreign to the larger, more mainstream insurance providers, leading to higher than necessary premiums and cover with critical exclusions.
Jobson James Rail writes a bespoke presentation about every client to put forward the best possible case to insurance providers in order to secure the most cost-effective cover for its client. It has saved more than £100,000 on annual premiums for some of its clients.
The demand for Jobson James Rail’s services is highlighted by the rate at which it is winning work. At the time of writing it had just secured seven new clients in the last 7 working days ranging from rail trade associations to rail civil engineering companies with more on the horizon.
Keven said: “We are here to fill the void between rail businesses and insurers to ultimately ensure that not just the improvement of safety standards across the industry is recognised but also the ongoing investment rail companies have made in safety and training and this should lead to lower premiums.
“On numerous occasions I have seen healthy and sustainable businesses hurt due to the fact they did not have adequate insurance cover or they did not have access to a claims specialist by us to help them challenge and defend injury claims and protect their claims record when the accident may not have been their fault.
“Times are definitely changing. We are seeing an upturn in investment in the UK’s railways and with that comes more opportunities for rail businesses to prosper. Safeguarding that prosperity is where we can help and keep their insurance costs low and left the rail companies management team to grow their business in the knowledge that they have a rail expert insurance broker managing the risk and insurance relationship professionally .”