Full speed ahead

Once the world’s fastest passenger ship, Brunel’s ss Great Britain is now a world-class museum. Molly Bennett finds out how Hiscox is safeguarding its future

In 1937, the ss Great Britain was abandoned in the Falkland Islands after 40 years as a floating warehouse – a sad end for this once-great ship.

Ninety-four years earlier, she had been launched in Bristol to great fanfare. At 322 feet long, the ss Great Britain was the world’s largest ship and first luxury liner. And she was fast. Thanks to Isambard Kingdom Brunel’s inspired combination of a screw propeller, an iron hull and a 1,000-horsepower steam engine, the ship revolutionised travel by sea.

The ss Great Britain had journeyed nearly a million miles and 32 times around the world before being laid to rest in the Falklands. But in 1970, a massive salvage operation saw the vessel brought back to British waters. She was towed up the River Avon before dropping anchor at the Bristol dry dock where she was originally built.

The right policy

After extensive renovations, the ss Great Britain is now an award-winning maritime museum and events venue that attracts 166,000 visitors a year. It houses priceless artefacts, including passenger diaries, archaeological finds and 19th century paintings. With such a colourful history, and such precious cargo, the right cover was crucial.

Pam Klein, Associate Director of broker Hayes Parsons, says that Hiscox was the perfect fit. “We had arranged the ss Great Britain’s insurance since 2002 and it was time for a rebroke, so we tested the market to see what was available. Hiscox was keen to get everything right, it could offer the right cover and it wanted to offer added value wherever it could. The team was also extremely proactive, which made for an all-round good experience.”

For Julie Sienesi, Finance Director at the ss Great Britain Trust, the goal was simple: “I was looking for someone to take the pain out of it and do the work for me,” she says.

That person was Andrew Dodd, Development Underwriter at Hiscox, whose eye was caught by the museum’s special requirements. “We always look for something out of the ordinary,” he says. “Most underwriters will have seen the ss Great Britain as a ship, and decided that it needed a marine policy. But it’s a museum, a living artefact packed full of history, so we felt our venue policy was the ideal cover.”

The product focuses on high-quality venues such as theatres and museums, as well as touring orchestras and ballets. With the few specialist insurers in the market tending to be ultra-specialist, Hiscox decided that the time was right to fill the gap.

“Seven years ago, I’d asked for a bespoke policy, but it wasn’t possible then,” says Julie. “Now it’s all on one policy, which is lovely – it means we only have one company to deal with. Plus, we can bolt on extras as required.”

The product also benefits from Hiscox’s bespoke approach to evaluating risks. “We look at each risk on its merits and come up with a tailor-made solution, which involves face-to-face consultation with the client, the broker and our valuations experts,” Andrew explains. In the case of the ss Great Britain, he called on Hiscox’s expertise in fine art, historic buildings and events insurance.

While Julie acknowledges that cost was one reason that Hiscox won the business, she says that attention to detail was what really impressed her: “The team was really thorough and spent four hours peering into every nook and cranny, looking for how they could help us. Hiscox really does go the extra mile.”

Hiscox’s growing reputation for excellent service in this area means the business potential is huge. “The venues market is an under-exploited area because many places are on inappropriate covers, plus increasing numbers of people are spending their leisure time at high-quality venues such as the ss Great Britain,” says Andrew. “The market therefore represents a great opportunity for brokers and Hiscox alike.”