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CHRISTIAN SALVESEN AND TNT
Page 55
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Christian Salvesen self-insures at damage to its vehicles caused by its own employees, and much of any damage they might do to third parties. The balance is covered by insurance which kicks in if an individual claim breaches an agreed amount, or total budgeted annual expenditure is exceeded.
"So far as insurance is concerned we've set up a properly constituted captive called Inveralmond registered in Dublin," says group financial controller David Lynch. It issues the certificates, and is in turn backed by reinsurance."
Reinsurers are insurance companies that insure insurers.
Christian Salvesen has opted to go this route because of the savings that can be made; says Lynch; a point echoed by Michael Milne, risk manager at TNT Express Services UK & Ireland.
"We've saved literally millions of pounds since we went the self-insurance route back in 1991," he says. "However you've got to have in-house expertise when it comes to handling claims."