Earnest Insurance Brokers LLC

Earnest Insurance Brokers LLC (EARNEST INSURANCE) was established in January 2004.

Earnest Insurance Brokers LLC has within a short span of time become a leading insurance brokerage providing a broad array of insurance products and services.



Brief summary of the Executive Directors



Mr. Samuel E. Thakker (Sam) B.Com, A.I.I.I., M.S.T.I – Sam has rich and varied experience of over 30 years in the insurance industry. Sam held various important positions in the last 23 years with Norwich Union Insurance Gulf BSC © with the last being the Corporate Manager for direct business of that company in UAE.



Mr. Frank O’Sullivan – An industry veteran with over 38 years of continuous service with Norwich Union Insurance Group. Frank retired as the Country Manager of Norwich Union Insurance (Gulf) BSC ©, UAE having headed that company in UAE for 14 years.



Mr.Roopesh L. Punjabi- B. Com, A.I.I.I - Over 15 years experience in the UAE as an insurance broker, underwriter and risk manager. Roopesh also worked with Norwich Union Insurance Gulf BSC © in Dubai for 7 years.

Earnest Insurance Brokers LLC delivers unparalleled experience in every category of insurance to create a “one-stop” resource of all your risk management needs.



EARNEST INSURANCE specializes in all classes of Insurance including Property, Liability, Accident, Projects, Engineering, Medical and Marine, Life & Personal Accident & Automobiles.



EARNEST INSURANCE has the knowledge and expertise to arrange a customized insurance programme for complex and specialty risks such as political risks, expropriation risks, rejection risks, and credit & insolvency risks.





Operations



EARNEST INSURANCE provides insurance and reinsurance broking, risk management, claims handling, consultancy, and advice on risk transfer mechanisms.



EARNEST INSURANCE transacts business with multinational insurers and reputed local insurance companies operating in the region. EARNEST INSURANCE enjoys the confidence, recognition and trust of all major underwriters in the market.



EARNEST INSURANCE also devises, installs and maintains a risk management programme for its major clients in its quest to maintain and improve the quality of risk at all times.





Price



The premium you pay for a risk is a composite amount consisting of the following:-



i. the rate for the risk

ii. the insurance company’s acquisition costs

iii. the insurance company’s management (operating) expenses

iv. the insurance company’s profit.



Sophisticated insurance coverage with high values/limits will be more costly to purchase direct from an insurance company than through an insurance broker. This is because, certain insurers may have insufficient capacity/expertise to underwrite the risk and will need the support of reinsurers who will quote terms and conditions of coverage.



EARNEST Insurance’s approach to such coverage is to offer a programme quoted by insurers that have large capacity and underwriting expertise thereby making it less expensive to the insured.



We maintain high volumes of business with the insurers and therefore can negotiate the best terms on the strength of bulk buying/ market influence.



For this reason, EARNEST INSURANCE as broker is able to gain concessions from the insurance market that may not become available by direct negotiations with insurers.



As insurance brokers, we have access to worldwide insurance markets including Lloyd’s through our associates. Working in the insurance markets everyday EARNEST INSURANCE knows what the prevailing ranges of prices are for various lines of insurance.



EARNEST INSURANCE has access to a wide range of markets to obtain the most economical price, commensurate with coverage.



At renewal, we will market your insurance programme and demonstrate that the best terms and coverage have been obtained from your insurer.





Coverage



EARNEST INSURANCE will make it their business to understand your operations, match your needs with the best insurance products available and ensure that your risks are adequately covered.



We will check the financial security of the proposed insurer before recommending them.



EARNEST INSURANCE will assist you to understand your coverage and will explain how the various exclusions will activate in a given situation. An insurance policy is a legal document that requires professional training and expertise to read and understand.



EARNEST INSURANCE knows the markets, continually monitors them, and keeps you aware of new products, services and changes within the insurance industry.





Services



As insurance brokers, EARNEST INSURANCE assumes the responsibilities of an “Insurance Department.”



This is the least expensive method of obtaining professional insurance advice, saving time and human resources that can be allocated to other corporate concerns.



The services provided by an insurance broker may be compared to that of a company appointed lawyer, auditor or stockbroker. If you want an on-going professional advice in relation to insurance, specialists such as EARNEST INSURANCE should be appointed to handle your portfolio and service your needs.



EARNEST INSURANCE has its own claims department that will service claims from your perspective. You will be advised of what can be included in a claim and EARNEST INSURANCE will work towards enforcement of your contractual rights under the policy.



As your insurance broker EARNEST INSURANCE will provide claims statistics to assist you in your analysis and assessment of losses and will counsel you on loss prevention.



EARNEST INSURANCE will provide advice on loss control and risk management. Periodically, with the assistance of the insurer’s risk control/engineering staff, EARNEST INSURANCE will assist in identifying emerging hazards and recommending appropriate control strategies.



By reducing the risk factor through loss control measures, EARNEST INSURANCE assists you to



a) Reduce the cost of risk.

b) Reduce the insurance premium.

c) Work towards a profitable outcome.

As your insurance broker EARNEST INSURANCE will keep you advised of changes in local insurance legislation.



Of all of the services we render to hundreds of customers, guidance is perhaps our most vital. Our guidance is influenced by over eight decades of collective experience, but is driven by an unwavering focus on the future.



Earnest Insurance Brokers LLC is known for its professionalism, work ethics and quality of service.