An MGP scheme is a simplified and or streamlined arrangement to deal with volumes of business for indemnity/claims handling services.
Typically an arrangement can be:
- Designed from scratch or
- Adapted from an existing placement or arrangement but has wider cover/cheaper terms
The provider barely gets involved after the scheme arrangement has been agreed upon and its subjectivity adhered to: and this streamlining of administration in turn improves costs.
The MGP Group has been arranging and managing successful insurance and claim handling schemes for the last twenty five years and here are the usual types:
Retail Business: Where an MGP client is able to introduce its own business clients to an arrangement. Each client is individually catered for with their own policy and charged accordingly.
Retail Non-Business: As Commercial above but the MGP client has employees or members and the scheme arrangement may or may not be tailored to the MGP clients business.
Commercial Only or Non-Retail: Where an MGP client wants to include all its own business clients or employees respectively to enhance business deals or give a benefit of employment. Costs absorbed by MGP client and neither identified to nor passed on to the individuals.
Non-Commercial: As above but the MGP client is simply not a trading concern and wants a scheme as a benefit to membership; although costs may be identified but not charged on.
Commercial Only or Non Retail: Where the MGP client has an arrangement to suit its trading practises relative to the MGP clients’ exposures. Intended to support the MGP client the arrangement has no direct benefit to its individual clients. Although a non-voluntary type it is exclusive to the MGP client and closed off accordingly.
There are no particular rules as to what constitutes an acceptable scheme other than the anticipated or actual volumes of business to the providers-who obviously seek to make a profit out of the arrangement- so please get in touch today for a chat and consultation. There’s no commitment or fee at this stage.