Miller’s North American property team recently placed 100% of both a primary all-risks layer and a deductible buyback with Lloyd’s syndicates for a large US habitational account.

The insured’s needs

The insured needed all-risks coverage for their multi-state portfolio but wanted to reduce the deductible they would have to pay under a claim. Terrorism cover was also a key requirement.

Our response

Working with a specialist US broker, Miller utilised their buyback facility to reduce the all-risks deductible.

Placing a separate deductible protection increased the main policy’s deductible, which maximised the number of available underwriters offering capacity. This, in turn, made the primary more competitive. US forms in lieu of London wordings were also negotiated to meet with both the insured’s and lender’s requirements.

In addition, Miller’s special risks team placed terrorism cover which matched the client’s TRIPRA premium quote but offered broader coverage.