EQUA Specialty Risk Partners Corporation (EQUA) is proud to be a coverholder with Lloyd’s of London (Lloyd’s) in the ski, snow sports, and outdoor adventure sectors. This is an exciting expansion of our coverage offerings that could not have happened without the efforts of Gina Bennett, an EQUA Managing Partner and our Product Development & Distribution Leader. “During the application process, prospective coverholders must undergo an extensive, comprehensive review of their operating capabilities, experience, reputation and financial stability before being approved,” Gina explains. In addition to this initial vetting, a coverholder must submit to a yearly compliance check in order to retain their status. It is unusual for a brokage that is less than five years old to be awarded this status, so this is a testament to the EQUA team’s trusted experience in this sector and strong relationships in London. As a specialty brokerage that serves businesses in niche, complex sectors, we pride ourselves on curating a team of experts with deep experience in the sectors we represent. Now that we have coverholder status, we can deliver our clients enhanced coverage solutions that aren’t currently available in the Canadian domestic market. Our dedicated sport and recreation brokers are members of the sport community; they understand industry nuances and can effectively communicate specialized business operations to underwriters. As a former underwriter herself, Gina Bennett is uniquely positioned to speak with underwriters in their shared professional language, as well as translate that language for our clients. This empowers our brokers to better explain coverages and vulnerabilities, ensuring our clients have a clear understanding of their risk profile. “Working with underwriters at Lloyd’s adds an important extra dimension to our ability to develop and manage specialty and niche insurance programs for our clients and broker partners,” Gina explains. “It provides us with flexibility and collaboration to ensure that coverage and pricing is appropriate for our clients.” In addition to the increased need for bodily injury coverage, these sectors operate a wide range of complicated equipment — from ski lifts to roller coasters whose breakdowns, replacement parts, and repairs can affect how long business interruptions last. When a seasonal business loses a few days or a few weeks, it can significantly impact their ability to return to operations. Most businesses can try to recover from a poor week or disappointing quarter, but a seasonal business has less time available to do so. These are business realities that EQUA’s dedicated Sport & Recreation team understands, given that our team leader, Sandy Millar, spent 20 years as a competitive skier and continues to be a ski instructor. Also as one of our Managing Partners, he has 20 years of experience specialized in providing insurance solutions to the sport and recreation industries. During that time, Sandy has seen first hand the very real challenges that the sector encounters as well as the evolution of new risks. Because there are very few insurers who have appetite for ski and snow sports, working with a brokerage that fully understands the sector and its specialty risk needs is crucial to the success of ski hills, heliski, and catski operations. With the limited availability of markets that will insure these businesses, gaining access to additional markets through being a Lloyd’s of London coverholder allows EQUA to better serve this sector with improved liability offerings. “EQUA is proud to be a part of the select group of top-quality insurance firms authorized as Coverholders by Lloyd’s of London,” Gina Bennett says. “Lloyd’s is, of course, a very well-known and highly respected brand worldwide with a storied history.” Lloyd’s of London began in a London coffee shop in the 1630s. The family-run business originally acted as a meeting place for sailors, investors, and other marine professionals. As trust built between mariners and Lloyd’s, the family founded what we would later be recognized as the origins of the modern insurance industry. What began with maritime business and risk coverage expanded through the industrial revolution into manufacturing and other sectors. Lloyd’s was there when flight first happened, when automobiles became commonplace, and when the first satellites were sent into space. From the taste buds of a Cadbury’s Chocolate Scientist to Cristiano Ronaldo’s legs and David Beckham’s face, Lloyd's is the world-leading marketplace for niche, complex, and rare coverages. EQUA, Lloyd’s, and the supporting Lloyd’s Syndicates share a future-looking perspective on risk mitigation, driven by the courage to explore evolving sectors and an entrepreneurial, inclusive approach to business culture that seeks to build long-term relationships with clients and colleagues. “Being a Coverholder for Lloyd's of London is indeed a prestigious achievement for EQUA,” Gina says. “It speaks volumes about our company's credibility, expertise, and financial stability. This affiliation not only enhances EQUA's reputation but also signifies our ability to develop and manage specialty and niche insurance programs effectively.” We’re excited for the future of sport and recreation and more ready than ever to offer specialized risk mitigation support and coverages for these industries. To learn more about how we can be your partners in adventure, connect with us at findoutmore@equaspecialty.com.
Thought Leadership 3 Reasons Why You Should be Using Contractual Indemnification Agreements in Corporate Contracts
Thought Leadership 3 Reasons Why You Should be Using Contractual Indemnification Agreements in Corporate Contracts
