The Garage 351

INTERVIEW
Steve
Craddock
Schemes Underwriting Manager
at First Underwriting Limited (FUL).
Steve Craddock is Schemes Underwriting Manager
at First Underwriting Limited (FUL). FUL underwrite
insurance for Kingfisher Motor Trade, the headline
sponsors of the Professional Recovery Tow Show.
Steve has over 25 years of underwriting experience
and during that time, has worked alongside Pauline
Brookes, Head of Kingfisher Motor Trade, in helping to
place insurance for this sector.
Here, Steve shares some of the factors impacting on
insurance and how FUL can support our industry.
Kingfisher Motor Trade is a new name in insurance. Tell us about
the product offering and how you support it.
Kingfisher Motor Trade has an established team of specialists
supporting motor traders and recovery operators with their insurance
needs. Because of their expertise, First Underwriting Limited (FUL)
offers motor trade products exclusively to Kingfisher Motor Trade,
supporting recovery operators and garages.
FUL policies are written on a commercial combined basis,
encompassing the covers a motor trade garage or recovery operator
requires to operate with the peace of mind that their insurance
needs are catered for.
All the Kingfisher account executives have many years of
experience looking after clients within this sector. Coupled with First
Underwriting’s expertise, it means they are well placed to tailor the
policy to the specific needs of each business.
Who are First Underwriting, and how strong is the insurance
operation and financial backing for Kingfisher Motor Trade?
FUL has been trading since 2018 and has built its insurance portfolio
by delivering underwriting excellence in the commercial combined,
motor, and fleet sectors. Our underwriters are experts in their fields,
dedicated to providing outstanding levels of service to our broker
partners and their customers.
We understand how important your business is to you and that if
you need to claim on your insurance, you need a swift resolution. Our
claims professionals have a deep understanding of the products we
underwrite, so they can investigate your claim and help bring it to a
conclusion as quickly as possible.
Our capacity is provided by a company called Accredited Insurance
(Europe) Limited, who are a leading non-life risk carrier with an
A- rating from AM Best, and part of the R & Q Group, founded in
2013. FUL currently write around £150m in gross written insurance
premium. This provides serious financial strength to sit behind the
products we offer through Kingfisher Motor Trade, and is all backed
by our parent company NSM, a large specialist insurance company.
Many motor traders and recovery operators are finding it
difficult to get appropriately priced insurance right now. Why is
that, and how can you help?
There are many dynamics which are currently driving costs within
the insurance industry, from the current war in the Ukraine to the
cost-of-living crisis, to name but two. The Ukraine war and inflationary
pressures are driving up the cost of claims, with replacement parts or
building materials costing more today than this time last year. These
factors alone increase the cost of insurance for customers.
However, it is important that you are insured on the correct basis
at the correct levels of sum insured, which is why it is imperative that
you work with a broker and insurer who have the expertise to provide
a policy that is fit for purpose. FUL reviews each risk on its own merits,
and we use our specialist underwriting skills to price the policy based
upon your needs, while giving you the peace-of-mind that if the time
comes to claim, we are here for you.
What are the future trends that we might need to watch out for
when it comes to insuring our industry?
Outside of the economic and social changes within the world
which have an impact on the insurance industry, the three main
topics which will likely affect the motor trade industry are Electric
Vehicles, fully autonomous vehicles, and other technological-based
enhancements within motor vehicles. All three are likely to change
how vehicles are recovered and how garages service and repair
these vehicles. However, working with our partners in NSM, we will
collaborate to ensure that FUL stay up to date with changes in the
market, to provide the appropriate level of cover and tailored advice
you need.
When you’re not helping us to insure our businesses, what do
you like to do with your spare time?
I am a dedicated family man and enjoy spending time with my family
and undertaking the odd game of golf (I am not very good, to be
honest!), and watching all kinds of sport. My dog also takes up a fair
amount of my spare time with long walks – sometimes I wonder who is
taking who for a walk!
Do you have any words of encouragement for motor traders and
recovery operators?
The motor trade market is an ever-evolving industry, but FUL and
Kingfisher Motor Trade have the combined expertise and knowledge
to assist you with your insurance needs while providing you with a
best in class customer service. Our aim is to be here for you for years
to come, seeking innovative solutions to the challenges we face, now
and in future.
12 THE GARAGE
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