Mid 2000s, I was coming up to 4 months into a new role managing the company’s Global Corporate Insurance Programmes, which had renewal dates of 31st December. Insurance Team only consisted of me and my manager, with external support from our insurance brokers, a small claims handling firm and a one man band plus secretary who we paid a not insignificant fee to produce our renewal packs, consisting of a booklet providing an overview of the company, financials, strategy etc and a supporting CD rom with raw data for the actuaries at the various insurers to use to decide the premium.
My manager had a 2 week holiday booked at the same time as the deadline for getting the renewal data to the insurers (early to mid December) so I was left to oversee the renewal and make sure all the information was correct, complete and provided on time so we could agree renewal terms by end of the year.
Whilst I’d worked for a part of the business for 5 years by that point, it was a huge multinational energy company with lots of different divisions that I had little to no level of knowledge about, especially to the level of detail about assets etc required for our insurance purposes.
Somehow, between me, our broker team, the man in charge of producing the renewal documents and the Group Tax, Treasury, Risk & Insurance Director, we managed to entirely omit the details of our £300m+ Gas storage facility from the renewal booklet and CD - the only Gas storage asset we owned! It was our main insurer who eventually spotted the oversight.
It was quickly fixed and didn’t stop the renewal happening on time and thankfully, I didn’t get the blame given I was so new in role. However, upon returning from his holiday, my boss was very unimpressed with our brokers for not spotting it and even fired the company who produced the renewals information as he felt they knew enough about our business from the previous packs to have noticed the error.
For every renewal after that first time, I was sure to double and triple check information provided and thankfully there was never a repeat!