SubscribeGenesis Risk Solutions are moving offices to South Street, Rochford, Essex, at the beginning of July!
This will be a truly new start for the insurance intermediary business, since their reformation in 2005.
'It seemed vital to us to have a completely new start with a purpose-built interior operation, if we are going to enhance the response to our existing business and new growth business', says Gavin Cheeseman, Managing Director.
The new offices at Rochford are within a Grade II listed building which has been sympathetically converted from a retail unit to an office suite, over two floors and allows GRS the space to develop for themselves.
GRS was evolved out of a management buy-out from FML Insurance Services in 2005, itself an insurance intermediary since 1994, to provide specialist advice to companies in the Commercial and Industrial sectors. In particular GRS offer their specialist skills to companies operating in certain "high risk" areas such as Construction and Contracting.
'The team is going to transfer in stages, to ensure a cohesive structure remains within the business and that clients move across seamlessly, rather than a complete cut-off on a certain day. We also plan to have transfer of telephone lines as well as reminders placed on all our email services', says Cheeseman.
'It was always important to secure the insurance business portfolio of all of those clients whose activities fall into our specialist trading areas and to provide the response service that the business deserves' says Peter Wood, Operations Director.
'What was also important for us was to ensure that the existing business knew we weren't going anywhere without them! Continuity of our services to all existing business is vital to us', says Wood.
GRS fully understand that protection of assets, earnings, personnel and legal liabilities continue to be challenging issues for businesses that require experienced risk management advice and a constant support service.
It is the GRS philosophy to create a business whereby the enquiry is always as vital a piece of business as the end deal itself. Their quality of service and their ethic of business are quite unique within the insurance sector.
From the very first enquiry coming into their office, either by telephone or as a personal caller, they want their response to be an ongoing process rather than simply a question and answer format.
'It is vitally important to create the right impression to a prospective client, and to let them know that we fully understand their business and have the necessary skills to act on their behalf. From our new offices, we will have the facility to welcome walk-in customers to a greater extent, with a specially prepared client area,' says Wood.
If you are a sole trader or even a very small family run business, it is important to feel that you can obtain information on insurance without feeling that you have to sign a form a mile long or write a book on your trading history, when you simply want a reply to a question. GRS are trying to get the team message across to all potential clients, as well as existing customers, that they are there to help and assist!
One of the specialist areas that GRS operate in is the provision of Surety Bonds.
Most contractors are required at some time to provide a bond to guarantee their working performance. Bonds may be the key to a construction project and the inability to become bonded could lose a contractor work.
Contractors need to ensure they use a reliable bonding facility, at a competitive cost. Whilst bonds can be provided by either banks or insurance companies, a bond obtained from a bank may impact upon a contractor's borrowing facilities, since banks tend to consider bonds as a financial liability and reduce the contractor's credit facility accordingly.
Ability to secure credit may also be adversely affected by changes in the worldwide financial markets and bank lines of credit may be particularly vulnerable. A surety facility gives a contractor an advantage in overcoming such uncertainties.
Surety bonds have been a valuable tool for centuries and it is important to understand a little background to their origins.
The first known record of contract 'suretyship' was an etched clay tablet from the Mesopotamian region around 2750 BC. According to the contract, a farmer drafted into the service of the king was unable to tend his fields. The farmer contracted with another farmer to tend them under the condition they split the proceeds equally. A local merchant served as the 'surety' and guaranteed the second farmer's compliance.
The Roman Empire developed laws of surety in approximately 150 AD that still exists in the principles of 'suretyship' to this day.
Risky Business
It is vital that the evaluation and risk management of construction projects is made early on, to ensure that responsible decisions are made on the planning and time line project management, to ensure a timely completion and therefore, this is key to success!
To gamble on a contractor whose level of commitment or qualification is uncertain or who could become bankrupt halfway through the job can be a costly decision. How can a public agency using the low-bid system in awarding public works contracts be sure the lowest bidder is dependable? How can private sector construction project owners manage the risk of contractor failure?
There are three basic types of contract surety bonds:
The bid bond assures that the bid has been submitted in good faith and that the contractor will enter into the contract, at the price bid and provide the required performance and payment bonds.
The performance bond protects the owner from financial loss should the contractor fail to perform the contract in accordance with its terms and conditions.
The payment bond assures that the contractor will pay specified subcontractors, laborers, and material suppliers on the project.
At GRS we like to think we are able to attain the best possible surety bond, to the specific requirements of our clients and the project they are working on.