Six figure insurance claim settlement helps chandelier company
light up for business again following break-in
Lincolnshire family run business, Philips & Sons in Lighting
Limited has been able to return to trading at full capacity thanks
to the advice provided by their insurance broker, Towergate Risk
Solutions, who have helped the company negotiate a settlement of
£125,000 from insurers.
Philips & Son specialise in the repair, restoration and sale
of elegant and original chandeliers. They are the largest UK based
business of its kind and business was booming due to the uniqueness
of their range of chandeliers, their growing reputation and the
increasing demand for original chandeliers.
As well as private clients, Philips in Lighting also receive
work commissions from interior design companies who have contracts
with major organisations such as The National Trust. A recent local
project includes Clumber Park, where a chandelier restored by
Philips now hangs in the newly refurbished restaurant.
Disaster struck for the company back in March 2011 when
intruders broke into the factory warehouse in search of the
valuable metals and copper wiring used in the chandeliers.
Considerable damage was also caused to many other glass and crystal
chandeliers as the thieves smashed their way through the premises.
Four of the damaged chandeliers were originally in place at the
Adelphi Hotel in London and were highly valuable collectors
pieces.
Diane Moore, director of Philips & Sons in Lighting added,
“The scene was of utter devastation. Our first instinct was to call
our insurance broker, Towergate, who immediately arranged for John
Franks their dedicated claims manager to advise us. Without his
help negotiating the initial interim payment our business would not
have survived. He has been an invaluable source of advice and
comfort to us and has literally hand held us throughout the
negotiations with insurers, loss adjusters and loss assessors. We
have also significantly increased our building security and
protection based on his advice.”
John Franks, Towergate’s dedicated claims manager commented,
“The retail value of the chandeliers that had been damaged ranged
from £300 to over £5,000 per chandelier. The insurance claim
therefore had the potential to be very complex from an insurance
value perspective because chandeliers were at various stages of
restoration and may have been purchased at markets or salvaged from
buildings undergoing restoration or demolition for a fraction of
their restored or collectors value.”
Following careful negotiation and consultation with experts the
company received an interim payment to enable it to continue
trading whilst the final settlement figure payment of £125,000 was
being agreed. The company is now almost back to trading full
strength and has been able to buy replacement spares, but has lots
of hours still to put in to restore all the chandeliers that were
damaged, including at least 1,000 hours to get the Adelphi
chandeliers back to a re-saleable condition.