Challenge:
Insurance for a Rare Victorian Water Balanced Lift Undergoing Restoration
Solution:
Specialist Expertise and Proactive Risk Assessment
Industry:
Historical Heritage Transport
The Problem
The Folkestone Leas Lift Company faced a critical situation when preparing for its £6.6m restoration project. The Victorian water-balanced lift, one of only two still operating in the country, had been closed since 2016. It was placed on Historic England’s Heritage at Risk Register in 2019 due to its rare and remarkable features. Previous brokers had failed to secure adequate insurance coverage, with five underwriters declining to provide insurance for this unique heritage asset. The situation was particularly urgent as project funding and property transfer were contingent on having comprehensive insurance in place. The client’s existing broker was difficult to contact, and despite a site visit from an underwriter who understood the property, coverage remained elusive as restoration plans were advancing.
The Solution
BLW Insurance Brokers Ltd (BLW) successfully secured comprehensive insurance coverage for the Folkestone Leas Lift’s £6.6m restoration project after multiple larger brokers had failed to obtain coverage. This case study examines how BLW’s specialist expertise in heritage properties and extensive market relationships enabled them to overcome significant challenges in placing coverage for this rare Victorian transport mechanism.
“Having been turned down by several underwriters, we were starting to worry about securing insurance cover for the lift. However, as soon as we were introduced to Brett, I felt a sense of relief as he was asking all the right questions and was extremely proactive,” says Cathy Beare, Chair of the Folkestone Leas Lift Company Charity. “He went to great lengths to find the right insurance cover for us, and we are enormously grateful for his help. We can now crack on with the restoration and hope to have a main contractor on site by the summer.”
The Detail
The Folkestone Leas Lift represents a significant piece of British engineering heritage:
- One of only two operating Victorian water-balanced lifts remaining in the country
- Features several rare mechanical elements vital to the heritage of the area
- A key historical transport link connecting the town to its seafront
- A remarkable survival requiring sympathetic renovation while meeting modern standards
Using their specialist expertise, Brett and Elaine at BLW leveraged their extensive experience with historic buildings to effectively communicate the project’s unique risk profile to insurers. Their deep understanding of heritage properties proved crucial in helping underwriters appreciate the specific aspects of the risk that previous brokers had failed to explain adequately.
Within just a couple of days of receiving the details, Brett confirmed his support and obtained the coverage needed. The team’s technical risk management expertise came to the fore as they conducted detailed risk assessments and developed robust underwriting submissions that directly addressed insurers’ concerns about this rare Victorian mechanism.
Throughout the process, BLW maintained a highly collaborative approach, working closely with all stakeholders and regularly communicating with everyone involved. This coordination between parties ensured requirements were met and the placement process moved forward efficiently, allowing the company to proceed with their plans for a sympathetic refurbishment that would bring the lift into the 21st century while providing access for all needs and meeting health and safety and conservation requirements.
The Conclusion
This case demonstrates the importance of specialist brokers in facilitating complex heritage restoration projects. BLW’s intervention delivered several key outcomes:
- Secured full insurance coverage where five previous underwriters had declined
- Enabled the restoration project to proceed on schedule
- Facilitated the transfer of property and release of funding
- Established a risk management plan to preserve the lift’s legacy
- Supported the sympathetic renovation while meeting modern requirements
The successful placement has highlighted the value of specialised insurance expertise in preserving the UK’s engineering and architectural heritage. BLW’s achievement sets a precedent for future heritage restoration projects and demonstrates how technical expertise, market knowledge, and strong relationships can triumph in complex insurance situations.
Quotes
Cathy Beare, Chair of the Folkestone Leas Lift Company Charity, said:
“Having been turned down by several underwriters, we were starting to worry about securing insurance cover for the lift. However, as soon as we were introduced to Brett, I felt a sense of relief as he was asking all the right questions and was extremely proactive. He went to great lengths to find the right insurance cover for us, and we are enormously grateful for his help. We can now crack on with the restoration and hope to have a main contractor on site by the summer.”
Brett Sainty, CEO of BLW, said:
“There are often a number of stakeholders involved and the success of projects can be reliant on a number of moving parts allowing property to be transferred into the ownership of the client, releasing funds to progress renovation and unlock grants to ensure the sustainability of the renovation. Insurance plays its part in this complex chain of events, but with our experts on hand, everything was in place when needed.”
Elaine from BLW commented:
“It was clear from the outset that this was a complex project requiring a delicate balance between preserving historical integrity and meeting modern requirements. Our experience with heritage property insurance allowed us to create a bespoke solution that addressed all stakeholders’ concerns while ensuring this remarkable piece of Victorian engineering will be preserved for future generations.”
Brett Sainty added,
“Projects like the Folkestone Leas Lift represent why we specialise in heritage properties. When standard solutions fail, our technical expertise and market relationships allow us to find coverage for these national treasures. Every heritage site has its unique challenges, but with the right approach and understanding, we can ensure these important pieces of our history receive the protection they deserve while renovations bring them back to their former glory.”
The Problem
Barts Heritage faced a critical situation when preparing for its landmark restoration project. Previous brokers had failed to secure coverage for the Grade I-listed structure, and while coverage was available for contracted works, the existing historic building remained uninsured. The situation was particularly urgent as project funding was contingent on having comprehensive insurance in place, and time pressure was mounting with capital works ready to begin. Adding to the complexity was the project’s location in the City of London, which presented its own unique risk assessment challenges.The Solution
BLW Insurance Brokers Ltd (BLW)’s CEO Brett Sainty successfully secured comprehensive insurance coverage for Barts Heritage’s £9.5m restoration project of the Grade I-listed North Wing at St Bartholomew’s Hospital after larger brokers had failed to obtain coverage. This case study examines how BLW’s specialist expertise and market relationships enabled them to overcome significant challenges in placing coverage for this historic property.“Brett recognised that there is a gap in the market where clients need specialist advice finding cover for historic and listed properties and have the skills and relationships to help you get the insurance cover you need,” says William Palin, CEO of Barts Heritage. “He certainly pulled out all the stops to help us get cover. I wouldn’t hesitate to recommend Brett and BLW.”
The Detail
Barts Heritage oversees the preservation of St Bartholomew’s Hospital, one of London’s oldest institutions, which celebrated its 900th anniversary in 2023. The North Wing houses some of England’s most significant historical features:- The Great Hall
- The Hogarth Stair, with its renowned paintings
- Historic Hospital archives
- An extensive art collection
The Conclusion
This case demonstrates the importance of specialist brokers in facilitating complex heritage projects. As Brett Sainty, CEO of BLW, notes:“We have a responsibility within the insurance industry to facilitate these types of placements and to remember that our role includes enabling the provision of risk transfer to underpin the wider economic environment and not become a barrier to business trading and projects.”BLW’s intervention delivered several key outcomes:
- Secured full insurance coverage for both the historic structure and renovation works
- Enabled the project to proceed on schedule
- Facilitated the completion of lease requirements with the Health Trust
- Established a framework for future historic property insurance placements
Quotes
Brett Sainty, CEO of BLW, said:“This was a complex and challenging risk management and placement program that required the involvement of several different elements and partners across the London insurance market. I am particularly grateful to our insurance partners at Aviva and Axa; their support, technical expertise, and willingness to back this vital project were essential to its successful placement. Projects like this ensure the survival of some of the UK’s greatest buildings, and this is very important to me. We have a responsibility within the insurance industry to facilitate these types of placements and remember that our role includes enabling the provision of risk transfer to underpin the wider economic environment and not become a barrier to business trading and projects. We must strive to be more supportive of customers and good causes wherever possible. Many risks are challenging, and I encourage all insurers to adopt the attitude of Aviva and Axa, which is to ask, ‘How can we help and how can we support risk management to make the risk acceptable?’ rather than declining risks as quickly as possible.”William Palin, CEO of Barts Heritage, commented,
“We are delighted to have secured cover from Aviva and AXA for this nationally significant historic building ahead of the start of our major restoration project. St Bartholomew’s Hospital is one of the oldest institutions in the City of London, celebrating its 900th anniversary in 2023, and it is, therefore, appropriate that two of the UK’s leading insurers have stepped in to take on the risk of the building fabric and the contract works. We are grateful to our brokers BLW and to the Listed Property Owners Club for helping us secure this cover and look forward to an enduring partnership.”
Martin Anslow of the Listed Property Owners Club: “LPOC are thrilled our Lloyds Broker was able to help Barts Heritage secure insurance for the renovation and repair of the Grade I listed North Wing and Henry VIII Gatehouse at St Bartholomew’s Hospital in the City of London. The North Wing houses two of England’s most important interiors, the Great Hall and the Hogarth Stair, with its huge paintings by William Hogarth, together with the historic Hospital archives and an extensive collection of art. These interiors and collections represent the historic heart of the Hospital and reflect 900 years of history.”To close, Brett Sainty, CEO of BLW Insurance Brokers, added,
“Every day of my insurance career has been different. The risks we see and the clients we meet are wide and varied, but without insurance, the world simply wouldn’t turn. When I was first introduced to William, I knew this was something special, but I was also mindful of the challenges we sometimes face in the insurance market when trying to insure something a little bit different. The team at BLW faced formidable technical hurdles that demanded a comprehensive understanding of the industry’s nuances. From intricate risk assessments to navigating complex underwriting processes, our experts showcased unparalleled expertise to secure coverage where others had faltered. This is the story of how technical expertise, market knowledge and strong relationships triumphed in the heart of the world’s leading insurance market.”