Oskar Ficek - August 6, 2024

The Problem:

In July 2022, our client came to Compariqo with a unique challenge in the shape of the Embankment Exchange project — a set of riverside skyscrapers located by Manchester’s River Irwell. The customer had recently purchased a site from a developer in the unfortunate position of being liquidated.

The site was protected by a structural guarantee with the original developer when it was still in the early phases of development. However, transferring this critical coverage to our client upon acquisition proved to be a challenge, leaving a sizable project without the required structural warranty to keep it protected.

The obstacle was obvious. Although the project had an existing structure, our customer had bought it without the crucial structural warranty necessitated by law. Without this coverage, the building structure was exposed to significant risks and uncertainties, making it impossible to complete the project.

The problem became even more complicated when the original structural warranty provider refused to transfer the coverage to our client, leaving a large project uncovered and with an uncertain future.

The Solution:

After realising the importance and urgency of the situation, we quickly organised the Compariqo team to take on the task. Under the direction of Account Manager Abbie Donoghue, our team examined the current project’s details, its insurance history, and the particular requirements for expanded insurance coverage.

The Implementation:

In response to the requirement for thorough, immediate protection, we meticulously assessed the risks and complexities of the Embankment Exchange project. This strategic approach served as the cornerstone for the subsequent actions that went into putting forth a unique and workable solution.

The Results:

Comprehensive Coverage: We built a customised coverage strategy to meet the client’s needs by drawing on our vast industry experience. This proactive approach demonstrates our dedication to providing customised solutions beyond current problems and protecting our clients from unanticipated complexity.

Competitive Pricing: Our brilliant team jumped into action and showed persistent dedication to reasonable pricing in the face of urgency and complexity, providing a cost-effective solution for the difficulties presented by the Embankment Exchange project.

Our work with Embankment Exchange also created an advantageous yet comprehensive plan to handle the specific difficulties faced throughout the project.

Customer Satisfaction: Our commitment to customer satisfaction showcases our ability to negotiate the difficulties of the ongoing project and respond satisfactorily to inquiries from the client, funders, and listing agents.

With our efficient response coupled with our experience and knowledge, all parties involved were able to feel more at ease and confident with the solution proposed.

Ongoing Progress:

Although the Embankment Exchange development is still in progress at the time of writing, Compariqo remains dedicated to seeing it through to completion. To do that, our expert team monitors the project’s changing requirements and adjusts the coverage as necessary to keep it robust and ready to handle any unanticipated difficulties.

Conclusion:

Embankment Exchange serves as an example of Compariqo’s aptitude for navigating tricky problems in the insurance industry. Compariqo exceeded our client’s expectations in a circumstance where it may have been challenging to complete the project by offering a comprehensive solution, affordable pricing, and first-rate customer support.

We anticipate seeing Embankment Exchange successfully completed and the impact it will have on Salford, Greater Manchester, as the project moves forward.