Are you a new broker thinking of becoming Citynet partner? – Here is what to expect!

Could your business survive the effects of product recall symptoms?

A product recall or withdrawal can be the most dangerous thing that can happen to a business. Its effects can rock production profits all over the world – a great number of products are being recalled across Europe, every week. Can your business afford to take that risk?

Citynet Insurance Brokers are renowned in the market for their expertise and are leading suppliers of specialist liability products. They fully understand that handling the fallout from a product recall event can be a worrying prospect for businesses, and urge business owners to make sure they have the correct measures in place that will help safeguard against product failure. Often, a typical policy will consist of:

1. Product guarantee (covering the costs of removing, replacing or repairing failed products),
2. Financial loss (including third party costs who have suffered as a result) and;
3. Product recall (the costs of recalling the products if they have failed to perform their intended function, or have caused bodily injury and/or property damage).

Citynet’s expertise can be shown in offering bespoke solutions which can cover not only the three points above but also additional covers such as malicious tampering, brand protection, and pre-crisis consultancy. Citynet’s assistance in sourcing the right policy with the correct cover can help businesses recover quickly if they need to recall a product – something that can spell bankruptcy for many small businesses.

Tim Hicks, Head of Schemes and Specialty Risks at Citynet said: “Companies providing products have a responsibility to their customers to ensure their products work and are safe, however, we all understand that mistakes can happen. Recalls, whether caused by accidental or malicious contamination of products, can potentially keep businesses awake at night if they don’t have the correct insurance in place.”

“If there’s something wrong with a product, consumer reactions tend to flare… and when emotions are in play the ‘domino effect’ can take place – this is how smaller businesses can really take a hit as reputation makes a significant contribution to their success. If a product fails to perform its intended function, it can not only devastate a company’s brand name but also its profitability resulting in an increased pressure on companies to retrieve faulty products and rectify the problem.”

This ‘domino effect’ is amplified now more than ever, as reporting faults via the internet and social media can devastate brands overnight. A food sabotage case in Australia (where needles were found in strawberries) caused a scare among consumers and cost the industry hundreds of jobs. In another incident, a meat producer recalled over 130,000 pounds (around 60,000 kg) of ground beef due to E. coli contamination.

Although a product recall can damage reputation, it doesn’t necessarily mean the end of a brand. If managed correctly, it can show to customers that the company is responsible, and this can restore trust.

Whether you are a manufacturer, wholesalers or retailer, the risk increases as the supply chain grows more complex (and new legislation is put in place), so when a product fails, the management of the event is critical to softening the blow as a result of recalls or liability claims.

Unfortunately, many manufacturers are exposed to large recall events because they choose to only purchase products liability cover which will ordinarily exclude cover for claims arising from the recall or withdrawal of defective or faulty products. The specialists at Citynet understand the impact that a product recall can have on a business and are well placed to assist you in devising the best program to ensure the most comprehensive cover is in place for your clients.

With Citynet’s assistance, you can be sure that your clients’ products insurance is positioned in such a way that their businesses are well prepared to weather any storm that blows their way.

Citynet sponsors Springfield Football Club under 14’s girls team

It is no secret that here at Citynet Insurance Brokers, we love being engaged in the community life. This is demonstrated by supporting numerous sporting clubs that need a bit of extra help to support kids to do what they love most. Our latest sponsorship goes to Springfield Football Club in Chelmsford, Essex and more exactly to the under 14’s Girls Football team.

Springfield Football Club has a long and proud history of providing football in the community. Founded in 1935, the club moved from its previous home at Pollards Meadow to a new, purpose-built clubhouse and ground at Springfield Hall Park, in 2002.

The club continues to grow and is represented in the Essex Olympian League, The Essex Veterans League, The Chelmsford Sunday League, The Chelmsford Youth League, Blackwater & Dengie Youth League, Brentwood Community Football Alliance, and the Essex County Girls Football League.

The club provides football for ages from 6 years up to our Veterans Over 45’s and at all ages in between. We are especially proud to be an F.A. Charter Standard Club and are run entirely by volunteers.

The Girls Under 14’s team are in their 5^th season and they won their first cup last season, the Under 13’s Presidents Cup. The club now has girls teams from the ages of under 8’s to Under 14’s. They also currently run 33 junior boys teams.

“Springfield FC Under 14’s are very pleased to have teamed up with Citynet Insurance Brokers, our first Shirt Sponsors within the girls’ section of the club. Thanks to all at Citynet, let’s hope we can do you proud!” commented the club management.

Citynet Underwriting Services – Seizing opportunities the market provides

When an Insurance Broker is looking for a service or provider the overall experience will vary significantly depending on the class of Insurance and from one company to another company.

In-house Underwriting enables applications to be carefully considered/customised and will often have an improved chance of approval.  Equally important is the quick turnaround times due to the direct links between client, broker and Underwriter. Any queries can be resolved immediately.

Citynet has long been a leading provider of specialist insurance throughout the UK and Ireland. With an unparalleled level of knowledge, their understanding of their clients’ needs and in-depth knowledge of local law and regulations ensures that they can be relied upon to offer expert guidance and advice.

To add to their reputation as a leading broker, Citynet has recently announced that they have their own Underwriting Service. This means that they now have the ability to underwrite your business through Delegated Underwriting Schemes – providing a quick and efficient underwriting service to brokers and managing general agents.  Citynet will also have the ability to create bespoke insurance solutions for standard, non-standard, and the more challenging and unusual risks.

With delegated authority from Lloyd’s Insurers and the Company market, they make immediate underwriting decisions cutting down turnaround times to you and, consequently, your customers.

A recent example of this was the launch of their Small Fleet binder in Eire.  Coverage offers a solution specifically designed to help businesses reduce cost, save time, and minimise hassle. By having the flexibility to insure multiple vehicles under one policy, the Scheme allows businesses to create their own bespoke cover.

By trading across the London market, the City-based company are able to offer innovative solutions to the majority of your general insurance needs.

Years of developing close working relationships with trading partners have enabled Citynet to deliver the results required. This is no doubt the main reason that they are confident in placing most risks for any business – frustrating competitors as they consistently outperform them on cover, price and service.

Citynet’s philosophy seems to cultivate long-term contracts by bringing customers and their expertise together with strong, performance-related commitments. The combination of having extensive experience across the UK and Ireland have empowered them to establish collaborative relationships with their markets and enabling them to provide a wide range of cover for customers with minimal hassle.

Helping their brokers grow their business and provide excellent cover for their clients is their ultimate goal, and as a trading division of Citynet Insurance Broker Ltd, is able to lean on their reputation as a wholesale Lloyd’s broker and place commercial business into the London market on behalf of the UK and Irish intermediaries.

Andrew Walsh, Managing Director at Citynet adds: “By having the ability to write new business in-house means that we can continue to deliver quick and efficient solutions for our clients.”

With the launch of Citynet Underwriting, the next stage is to build on their experience and become market leading in every class of business that they write.

For more information about Citynet Underwriting Services and how they can make a difference to your business, please use the following contact details: 020 7488 7950 / [email protected] or talk directly to Clare O’Neill – Irish Underwriting Manager [email protected]

Citynet exhibits at #BIBAScotland for the second year!

Citynet Insurance Brokers have exhibited at the #BibaScotland on 23rd October 2018, in Falkirk at Inchyra Hotel & Spa.

The #BIBAScotland conference and exhibition is the only event dedicated to brokers in Scotland. With more than 200 industry representatives in attendance, it’s the perfect opportunity to keep up to date with the latest developments, meet new contacts and do business.

Acting purely as a wholesale insurance broker, Citynet has established itself as a London Market Specialist in the placement of Liability, Property, Professional Indemnity, Terrorism, Cyber, Motor and various associated classes.  We also specialise in the placement of binding authorities for other insurance intermediaries.

So, if you are looking for a wholesale broker that has great insight and knowledge of its markets and is willing to share that with you and deliver on their promises,  look no further! Citynet will be proud to be Your Trusted Partner!

For further information about our services or schemes please call 020 7488 7950 or contact directly any of our team members below.

Gary Williamson – UK Business Development Manager

[email protected]; 07971 464 029

Matt Carlick – Broking Director

[email protected]; 07890 545 417

Graeme Flynn – Head of Motor – UK & Ireland

[email protected]; 07977 011 433

Matt Wadhams – Account Executive

[email protected]; 07773 470 813

The winner of this impressive M&S Hamper is Mr. Gregg Ross from Laurie Ross Insurance Brokers. Thank you all for participating and see you at #BibaScotland 2019!