Understanding and Knowledge
We know what our clients are talking about.
Fenchurch’s Directors have personally managed tens of billions of dollars in mining project and operational insurance program’s across all continents including:
- Advice, placement and servicing of a $385million copper project in Western Australia taking the company from exploration, through construction, commissioning and into mature operations;
- Advice, placement and servicing of a $300 million nickel project in Western Australia taking the company from exploration, through construction, commissioning into mature operations (including subsequent acquisitions and mine development);
- Advice, placement and servicing of a $5billion+ Australian gold mining company which grew from one site location to multiple operations in different jurisdictions;
- Advice, placement and servicing of a $200million gold project in Western Australia taking the company from exploration, through construction, commissioning into mature operations;
- Advice, placement and servicing of a $450million nickel project in Western Australia taking the company from development into operations and subsequently managing the acquiring companies insurance requirements;
- Advice, placement and servicing of $200million gold project in South America taking the company from exploration, through construction, commissioning and into mature operations;
- Advice, placement and servicing of $1billion plus in gold acquisitions and asset upgrades in Western Australia for a mining company that has subsequently grown to a $3.5billion market cap;
- Full program management and advice for a multi-site Iron Ore company in Western Australia;
- Full insurance program management and advisory service for an ASX50 iron ore company;
- Full program management of a $500m market cap, multi site gold mining company in Western Australia;
- Advice, placement and servicing of a $170million zinc/copper project in NSW taking the company from exploration, through construction, commissioning into operations;
- Advice, placement and servicing of a $250million nickel project in Western Australia including subsequent acquisitions;
- Full program management of a multi-commodity multi billion dollar mining company including project development and acquisitions;
- Advice, placement and service of a $250m graphite project in Southern Africa.
Fenchurch Service Difference
The Fenchurch corporate advisory model is unique in the Australasian corporate market. We underpin our operations with the following criteria.
Accountability of service model
Each client has a dedicated mining specialist broker and support team who are responsible for all aspects of service, placement and claims delivery.
Many other large brokerages are focused on internal structure … where the service model involves multiple different internal departments (often in different States/Jurisdictions) each running their own agenda.
Such structures are cumbersome and force clients to deal with a project manager’ who passes the work onto generic placement teams on each different policy of insurance. This results in a project manager that has no accountability or responsibility for the placement outcome, and placement brokers with no daily service accountability or knowledge of the client’s business.
The Fenchurch model incorporates all service, advice (risk and contractual), placement and claims into one coordinated local team ensuring … there is no disconnect between client advice/service and market placement outcomes.
Fenchurch acts as your outsourced risk and insurance manager
We seek to understand your business ‘as well as you do’. Our approach of acting as part of your team as opposed to a ‘hands off transactional order taker’ is unique to Fenchurch and delivers superior coverage, claims and premium outcomes.
Contractual advice and insurance reviews
The majority of corporate brokerages are focused purely on the insurance transaction. Fenchurch brokers take an active role in understanding and advising clients on key insurance terms and risks across a myriad of contracts including port, shipping, refinery, mining, sales, finance, site services, plant hire and aviation agreements.
This approach reduces the likelihood of third party claims, appropriately allocates risk to contractor’s/sub-contractors (and their insurers) and as a result reduces premium cost.
Personal dedicated 24/7 service
Fenchurch brokers do not ‘clock off’ at 5pm weekdays, as the success of the business is dependent on the quality of our service. Each broker is personally accountable to the client so remains available to provide advice whenever and wherever it is required.
Focus on claims
Insurance is a form of balance sheet protection and claims are the sole reason that clients buy insurance.
Fenchurch treats claims as an integral part of the overall service offering not as a centralised cost centre.
All claims ranging from simple motor and travel losses through to complex mining incidents are managed by our specialist unified and local team (not outsourced to overseas or interstate ‘call centres’).
Importantly there is no disconnect between the broking and claims teams with everyone working together to achieve optimum outcomes.
Fenchurch’s Directors have unrivaled market relationships with key global underwriting decision makers. This relationship model results in better pricing, coverage and claims outcomes particularly in a hardening market.
Quality of People
Fenchurch has specifically targeted the very best mining specialist broking talent in Australia, and we allow our people to focus solely on client service … not internal bureaucracy.
Network of specialist advisers
As a substantially employee owned brokerage, Fenchurch has the advantage of being able to engage best in class specialist advisors where it is to the benefit of our clients.
We do not have to navigate internally mandated regimes to use or cross sell for other internal teams in the pursuit of a ‘sale’ for those teams … we have the freedom to act solely in the interests of our clients.
It is important that specialists with complementary expertise and service commitments form part of the broader risk and insurance team. We control that team for our clients, with all participants adhering to our exacting standards of advice, service and quality of outcomes.
London Wholesale Brokers
As an independent retailer, Fenchurch is able to access London Wholesalers based solely on the best fit for our clients … not on internally mandated rules which may not be in our client interests. Fenchurch’s primary property wholesaler is BMS Group, London’s largest independent insurance brokerage.
MSM Loss Management
MSM is a specialist pre and post loss Business Interruption specialist who acts solely for insured’s. MSM’s key people have worked personally with Fenchurch’s Directors on some of Australia’s largest mining losses.
MYR Consulting Group
MYR is a specialist risk management and risk profiling company who have worked closely with Fenchurch’s Directors across multiple ASX listed companies and mining projects. There is a strong benefit in aligning risk management/controls with the insurance placement.
Specialist Loss Adjusters and Legal providers
Given the experience of Fenchurch’s Directors, we are able to align the right advisor to each client depending on the individual circumstances of a commercial matter or a claim. Through specifying preferred providers in policy wordings we avoid insurers mandating the use of their ‘panel’ providers, who are often selected on cost … not on what is best to achieve client outcomes.
Steadfast is a $3.5 billion ASX listed company with the largest independent insurance broking network in Australasia. The Steadfast group places in excess of $7.4 billion in premium into the regional insurance market. Steadfast is an equity investor in Fenchurch, and Fenchurch is a member of Steadfast. This provides us with a broad range of resources which directly benefit our clients including market leading Professional Indemnity insurance, broad underwriting agency agreements and regulatory compliance support allowing our brokers to focus exclusively on clients.