Our Service
Supporting Business Continuity for a Major Financial Services Company
Client
A large global financial services company
Type of insurance
Comprehensive commercial property insurance covering a multi-million dollar location and associated assets, including earthquake damage (EQ).
Background
The 2011 Great East Japan Earthquake and tsunami on the 11’ March presented an unprecedented challenge. Our client, a major global financial services firm, faced a critical situation: their property insurance policy in Japan, including vital earthquake coverage, was due for renewal on April 1st. Japanese regulations mandated that the premium be paid before the policy could become effective, a significant hurdle given the widespread disruption. The existing broker was unable to navigate the complexities of the situation, leaving the client's substantial assets in Japan at considerable risk. The clock was ticking, and the potential for a lapse in coverage loomed large.
Our solution
Recognizing the urgency and the critical need for immediate action, we sprang into action, mobilizing our team, leveraging our understanding of the Japanese insurance market and our established relationships with key insurers. We provided clear communication and guidance to the client. Negotiation: In the face of a moratorium on new quotes and renewals due to the disaster, we engaged in high-level negotiations with the insurance carrier. Our established relationships and understanding of local regulations proved crucial in these discussions.
Commendation
The Vice President of our partner firm graciously shared her perspective on our collaboration: On Providing Certainty in a Time of Crisis: "We turned to our trusted global network partner, Cornes & Company Limited in Japan, and immediately felt the change in our fate to one of certainty and calm. It is truly amazing that these same individuals who were living in Japan during a time of crisis and fear were able to instill in our staff, and more importantly, this highly-valued client, that they had the ability and competence to get the placement done without gaps, severe restrictions, pricing changes, etc." On Our Dedication to Client Needs: "It does not create significant revenue for Cornes, but its team members never treated it as a small account. They quickly understood the importance of this placement for our highly-valued client and have always treated the local Japanese client contacts with the same level of service and dedication of resources as we do from the U.S." On the Strength of Our Relationship: "We knew of Cornes, not just in name, but at a deeper level because our senior leadership had met and interacted with them at various meetings and programs over several years. Consequently there was comfort and trust in the relationships as well as knowledge of capabilities that each firm could bring to the situation." On Our Team's Reliability: "We would always recommend Cornes for a situation in which another Partner needs its assistance. I can say with confidence that its people are reliable, diligent and thorough in their work product and service delivery."