NSS
Victoria Harbour skyline

New South Sea · Specialty and commercial lines

Hard-to-place risks, placed on the wording.

Curated market approaches, manuscript wordings where the standard form falls short, and claims advocacy from first notice. One named team from submission to settlement.

Request a programme reviewLines we place

Insurance Authority · [IA broker licence no.]

01  The difference

Named brokers on the hard files.

Three commitments, for the companies we act for and the insurers we place with.

01

Named brokers on every file.

A broker, an account handler and a claims contact per client. The same three people at inception, mid-term and renewal.

Dedicated

02

First read in [x] days. Firm terms when the file is ready.

An indication on appetite and structure within [x] working days of a complete file. Firm terms once subjectivities are known.

Fast

03

The risks others decline.

Cat-exposed property, regulated financial firms, cyber after an incident, US products exposure, large contract works.

Hard risks

02  How it works

From the renewal file to the right market.

Five stages on every renewal. The same named team stays with the account from review to claim.

  1. 01 / Review

    Start with the exposures, not last year's schedule.

    Wording review against your contracts.

  2. 02 / Prepare

    The underwriting file is the submission.

    Schedules of values and payroll checked.

  3. 03 / Market

    Selected markets, not a circulated list.

    Insurers authorised by the Insurance Authority.

  4. 04 / Bind

    The policy is checked against the quote.

    Subjectivities tracked to closure.

  5. 05 / Claims

    A named claims contact from the first notice.

    Notification within the policy's time limits.

/ 03 · The file

We carry the file. You keep the decision.

Submission, market approach, wording negotiation and claims advocacy, run by one named team. Recommendations are made in writing; every bind decision stays with the insured.

Submission

An underwriting file, not a proposal form.

SOVs on a reinstatement basis, loss runs with development, contract extracts and risk improvements, presented before the underwriter asks. Gaps are priced as uncertainty, so we close them first.

Detail
Illustrative

Underwriting file · Property and BI

Renewal 1 April · 4 of 5 complete

  • Schedule of values, reinstatement basisReceived
  • Loss runs, five years, with developmentReceived
  • Gross profit calculation, auditedReceived
  • Survey report and recommendation statusRequested
  • Contract extracts: insurance clausesReceived

Marketing

Selected markets. Terms compared clause by clause.

Each risk goes to the insurers with appetite and capacity for it. Quotes are compared on limit, retention, sublimits, exclusions and subjectivities, not premium alone.

Detail
Illustrative

Market comparison · D&O primary

TermInsurer AInsurer BInsurer C
LimitHKD 200mHKD 200mHKD 150m
RetentionHKD 1mHKD 2.5mHKD 1m
Side A DICIncludedExcludedIncluded
IvI carve-backLiquidatorsNoneLiquidators, shareholders
Subjectivities1 open3 openNone

Wording

Wordings negotiated before bind.

Insured-versus-insured carve-backs, dedicated Side A, retroactive dates, LEG 3, waiting periods. We mark up the form and close subjectivities before inception.

Detail
Illustrative

Wording mark-up · Exclusion 4.2

The Insurer shall not be liable for any Claim brought by or on behalf of any Insured, except a Claim brought by a liquidator, receiver or administrator of the Company, or a derivative action by shareholders without the solicitation of any Insured Person in any capacity whatsoever.

Agreed by insurerEndorsement 7 · before inception

Claims

Claims advocacy from first notice.

Notification within policy conditions, a coverage position in writing, quantum prepared to the policy basis, and settlement negotiated with the adjuster.

Detail
Illustrative

Claim file · Material damage and BI

  1. Notified within policy conditionsDay 0
  2. Coverage position issued in writingDay 2
  3. Loss adjuster appointed, scope agreedDay 9
  4. Interim payment requestedDay 30
  5. Quantum agreed, settlementDay 74

04  Coverage

Placement knowledge for difficult commercial risks.

Start with the line. Each guide sets out what the policy may cover, what moves price and terms, and the underwriting file we build.

Property and constructionProperty and business interruptionCoverage and preparation guide Property and constructionConstruction all risksCoverage and preparation guide CasualtyPublic and products liabilityCoverage and preparation guide CasualtyEmployees' compensationCoverage and preparation guide Financial linesDirectors' and officers' liabilityCoverage and preparation guide Financial linesProfessional indemnityCoverage and preparation guide Financial linesCyberCoverage and preparation guide Financial linesCrime and fidelityCoverage and preparation guide Marine and tradeMarine cargo and stock throughputCoverage and preparation guide Marine and tradeTrade creditCoverage and preparation guide Programme reviewSend the renewal 120 days out.Request a review Coverage libraryBrowse all lines.Coverage, wordings and preparation

05  Industries

Sectors where loss runs understate the exposure.

4 named risks · 4 linesTrading and logisticsProgrammes for trading houses, freight forwarders and sourcing companies.Sector programme 4 named risks · 4 linesFinancial servicesManagement and professional liability for asset managers, family offices, brokers and fintech firms licensed by the SFC, HKMA or IA.Sector programme 4 named risks · 4 linesTechnologyTechnology errors and omissions, cyber and management liability for software, platform and IT services companies.Sector programme 4 named risks · 4 linesConstruction and propertyContract works, liability and employees' compensation for developers, main contractors, fit-out firms and property owners.Sector programme 4 named risks · 4 linesRetail and hospitalityProperty, liability and employees' compensation for retailers, restaurant groups and hotels.Sector programme 4 named risks · 4 linesProfessional servicesProfessional indemnity, cyber and management liability for consultancies, engineering firms, law firms and accountants.Sector programme

06  Claims and licence

The claim is where the placement is tested.

The broker who placed the risk stays on the claim: notification, coverage position, quantum and settlement, argued on the wording.

Claims handled in [year][—]
Median days, notification to settlement[—]
Settled as a share of amount claimed[—]
Insurance AuthorityLicensed broker company · [IA broker licence no.]
Client moniesSegregated client account under Cap. 41
Professional indemnity[Insurer and limit]
Membership[HKCIB or PIBA]
How claims are run

07  In their words

  1. 01[Title][Company type · sector]
  2. 02[Title][Company type · sector]
  3. 03[Title][Company type · sector]
“[Client quote on a placement or claim.] [Second sentence with the outcome.]”
[Title][Company type · size]

08  Questions

How is remuneration disclosed?

Brokerage by line and by insurer, and any fee, in writing before binding. Contingent commissions, if any, are disclosed in the client agreement.

Can you act mid-term under a broker of record letter?

Yes. A broker of record letter moves servicing and open claims to us mid-term, subject to the insurer's acceptance. Cover and premium are unchanged until renewal.

Do you take over open claims?

Yes, under the same letter. We review the notification, the coverage position and the quantum to date, then take over correspondence with the insurer and the adjuster.

How early should the renewal start?

120 days for property and casualty, 150 for D&O and other financial lines. Late files reach fewer markets and leave subjectivities open at inception.

Ready when you are

Send us the risk the last broker could not place.

Request a programme reviewLines we place

Direct line[enquiries email]Monday to Friday, 9:00 to 18:00 HKT