In 2022 we will be putting our insurance advisers in the spotlight. You can find out more about them and their roles at JMP. Today we would like to introduce you to Edward Hampshire our Professional Indemnity & Property Expert.
What is your role at JMP?
I am the Commercial Account Executive here at JMP. Working with different clients across a range of different industries. I particularly specialise in professional indemnity, property, and construction.
Why did you pick this particular area of insurance?
Living in the South West there is a lot of construction companies. Our office is located on Solicitor Square in Cheltenham and naturally, I have moved into these areas for the demand locally. I really enjoy these areas because they are two polar opposites. I get the variety but they both have their own challenges, it’s very rewarding when you get the right solution for the client.
What has been the most interesting case you have worked on?
Back at the beginning of the pandemic, I worked with a client to source professional indemnity insurance for them. They were designed and manufactured automotive audio sensored hand sanitizer dispensaries. Something relatively new at the beginning of 2020 but you see them everywhere you go now! Although insurance is all about the transfer of risk many insurers steer away from the more unique businesses and what I enjoy is finding the right solution for those companies.
What do you think will happen in the Professional Indemnity market in 2022/2023?
It has been a tough couple of years for the Professional Indemnity market. I believe this will continue for the next couple of years, unfortunately. Clients will still see premium increases and cover restrictions due to the reduction in insurers offering this type of cover. It’s the usual supply and demand issue. Until more insurers widen their appetite for professional indemnity the market will continue to struggle. But it’s not all bad news! Because of our relationships with our underwriters we are able to negotiate the best terms for our clients. We have a wide insurer offering, and when certain covers have been removed we have the option to do standalone policies, for example, Cyber insurance.
What has been your biggest working achievement to date?
It has to be setting up our Unoccupied Property scheme from scratch for a client who requested specialist block insurance. Our client needed a specialist product which we were able to build for them. They needed this particular solution as they currently work with three of the biggest law firms in the country. We were able to provide a very simple solution to meet their requirements.
If you run a business, need property insurance, or could benefit from Edward’s expertise please contact him.