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As customers demand that insurers reduce the risks they face, Market Lane is meeting the challenge of boosting service across a broader range of industries while diving deeper into each
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PEOPLE SOMETIMES forget that insurance is a service business.
When a group of entrepreneurial insurance experts formed The Barn Underwriting in 2019, which today is part of Market Lane Insurance Group, it quickly became apparent that the best way to provide service was to cater to customer needs at a level that reflected the complexity of the risks they faced.
Meeting customer expectations at a granular level across such a broad range of exposures requires specialisation – and so a decision to separate the service businesses into distinct ‘trading vehicles’ was made in 2021.
Market Lane, as a fully authorised coverholder at Lloyd’s, provides the central platform from which a diversified suite of world-class specialist insurance businesses is delivered to the insurance market, while its current stable of brands – The Barn, G.O.A.T. and Fairlight Medical – operate as vertically integrated registered business names of the independent group.
Market Lane Insurance Group was launched in 2019. As a fully authorised coverholder at Lloyd’s, it provides the central platform from which a diversified suite of world-class specialist insurance businesses is delivered to the insurance market, while its current stable of brands – The Barn Underwriting Agency, G.O.A.T. Insurance and Fairlight Medical – operate as vertically integrated registered business names of the independent group. Market Lane aims to create a world-class diversified insurance underwriting and distribution business for today and tomorrow.
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The Barn Underwriting Agency’s offerings
General liability facility
“Our mission is simple – to create a world-class diversified insurance underwriting and distribution business for today and tomorrow”
David Porteous,
Market Lane Insurance Group
The arrangement allows service at a detailed level for each of the niche areas that the brands operate in but also captures a broad range of risks that lead to more engagement with customers in an industry that traditionally has little interaction. This in turn helps expand the market to new demographic and geographic segments.
While a traditionalist perspective persists in the industry where insurers see themselves largely as capital providers and claims payers, the focus at Market Lane is firmly on the broader role of providing solutions in all the areas that its brands cover.
The Barn Underwriting Agency focuses on providing genuine risk solutions in the specialty commercial property and general liability insurance segments. While it has a broad risk appetite, capacity up to $25m per risk and up to $20m liability limits available, The Barn’s focus is on complex exposures within the food and beverage, agribusiness, manufacturing and accommodation industries.
The Barn also offers loss prevention services as a key strategy, tying in with the need for ongoing risk management support via a dedicated network of trusted third-party surveyors and risk engineers.
Dealing with risks in these areas and working to prevent losses ahead of time requires a deep understanding of each individual situation.
“No two risks are the same, nor should the approach be from an underwriter who is keen to understand the client, their unique characteristics and exposures. This is our model at The Barn. To get our hands dirty. To work with our clients. To provide the right outcomes,” says Toby Salmon, director at The Barn.
The reality is, overall ‘risk’ is increasing across the majority of industries due to a variety of factors. These include such things as extreme weather events, pandemic fallout, ageing populations, technological disruptions and supply chain issues. The risk landscape is radically different from a few years ago but also industry dependent. A one-size-fits-all approach doesn’t work in such an environment.
At G.O.A.T. Insurance, a brand that focuses on the sports, hospitality and leisure industries, there is a keen interest in what it takes to be the best in a chosen field. Like all brands at Market Lane, the best in its field is what G.O.A.T. aims to be.
While primarily having a property focus, albeit with a niche liability offering, there are several classes of business and occupancies that G.O.A.T. does not currently facilitate. When asked what was coming next, head of G.O.A.T. Sam Reid commented that “we have a few ideas bubbling away and are always on the lookout for new opportunities”.
G.O.A.T. Insurance recognises the importance of the broker-client relationship.
“We want to develop long-term relationships with clients who demonstrate a sustained commitment to minimising exposure and see the value in working with their insurer to mitigate risk,” says Reid.
G.O.A.T. offers the same mitigation services as The Barn
“No two risks are the same, nor should the approach be from an underwriter who is keen to understand the client, their unique characteristics and exposures”
Toby Salmon,
The Barn Underwriting Agency
Fairlight Medical Practices Insurance is a dedicated facility specifically established for Australian medical practices, owners and operators. Medical businesses have unique needs closely tied to the communities they serve and as such require tailored insurance solutions for their unique risk exposures.
Most medical organisations are lifelines during natural catastrophes, for example, and the wider community is unable to start getting back on its feet without their operations.
Fairlight offers commercial property and medical entity liability insurance, which includes a market-leading Industrial Special Risks product with significant available capacity of up to $25m per risk, plus Fairlight’s bespoke liability cover, which has a $20m capacity limit covering legal exposures stemming from errors and omissions or simple failures in systems and procedures.
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The Barn Underwriting Agency
G.O.A.T. Insurance
Published 24 April 2023
Specialty property facility
Capacity up to $25m per risk
100% capacity of
co-insurance support
Total insured of up to $200m for any one placement
Wordings:
Industrial special risks (ISR) Mark IV
Specialty commercial business package policy
100% underwritten by Lloyd’s
Local claims management
Up to $20m limits available
Turnover of up to $250m
Bespoke broadform general liability wording with various extensions available
Property in physical or legal control
100% underwritten by Lloyd’s
Local claims management
Risk appetite at G.O.A.T. Insurance
SPORTS
• Gyms • Health and fitness centres • Horse and dog racing grounds • Sporting associations • Sporting clubs (including but not limited to golf and bowling clubs) • Sports facilities • Stadiums • Swimming centres
HOSPITALITY
• Bars • Bed and breakfasts • Boutique accommodation • Breweries • Hotels •
Motels • Pubs (metropolitan and regional) • Taverns • Restaurants • Registered clubs • Wineries
LEISURE
• Adventure tourism operators • Amusement parks • Holiday camps • Museums • Performing arts venues • Playgrounds
and activity centres • Zoos and animal parks
“Our mission is simple – to create a world-class diversified insurance underwriting and distribution business for today and tomorrow,” says managing director David Porteous.
“In addition to our core property and liability businesses in The Barn, G.O.A.T. and Fairlight, we are continuously working on new complementary insurance solutions for our broking and capital partners. We have come so far, but in many ways our journey has only just begun.”
Welcome to Market Lane.
via property surveyors and engineers to prevent losses at related properties. Recognising the importance of preventing accidents before they happen, there is a huge emphasis on risk selection and ongoing risk management.
G.O.A.T. primarily covers risk in the hospitality and leisure sectors with capacity up to $12.5m per risk. Examples include gyms, bars and restaurants, stadiums, taverns and pubs, motels, museums, adventure tourism outlets and accommodation, to name a few.
Reid feels at home writing business in this industry. “The sports, hospitality and leisure sector is aligned to a lot of my interests outside of work, so it has always felt like a natural fit,” he says.
Fairlight Medical
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Market Lane Insurance Group was launched in 2019. As a fully authorised coverholder at Lloyd’s, it provides the central platform from which a diversified suite of world-class specialist insurance businesses is delivered to the insurance market, while its current stable of brands – The Barn Underwriting Agency, G.O.A.T. Insurance and Fairlight Medical – operate as vertically integrated registered business names of the independent group. Market Lane aims to create a world-class diversified insurance underwriting and distribution business for today and tomorrow.
At G.O.A.T. Insurance, a brand that focuses on the sports, hospitality and leisure industries, there is a keen interest in what it takes to be the best in a chosen field. Like all brands at Market Lane, the best in its field is what G.O.A.T. aims to be.
While primarily having a property focus, albeit with a niche liability offering, there are several classes of business and occupancies that G.O.A.T. does not currently facilitate. When asked what was coming next, head of G.O.A.T. Sam Reid commented that “we have a few ideas bubbling away and are always on the lookout for new opportunities”.
G.O.A.T. Insurance recognises the importance of the broker-client relationship.
“We want to develop long-term relationships with clients who demonstrate a sustained commitment to minimising exposure and see the value in working with their insurer to mitigate risk,” says Reid.
G.O.A.T. offers the same mitigation services as The Barn via property surveyors and engineers to prevent losses at related properties. Recognising the importance of preventing accidents before they happen, there is a huge emphasis on risk selection and ongoing risk management.
G.O.A.T. primarily covers risk in the hospitality and leisure sectors with capacity up to $12.5m per risk. Examples include gyms, bars and restaurants, stadiums, taverns and pubs, motels, museums, adventure tourism outlets and accommodation, to name a few.
Reid feels at home writing business in this industry. “The sports, hospitality and leisure sector is aligned to a lot of my interests outside of work, so it has always felt like a natural fit,” he says.
RSS
Sitemap
Contact us
About us
Conditions of Use
Privacy policy
Terms & conditions
People
Copyright © 2023 KM Business Information Australia Pty Ltd
Copyright © 2023 KM Business Information Australia Pty Ltd
RSS
Sitemap
Contact us
About us
Conditions of Use
Privacy policy
Terms & conditions
People
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