Allianz Cornhill, the second largest motor trade insurer, has fine-tuned its Motor Trade Select policy in a bid to improve its profitability and boost market share.

The re-launched product is the latest to be added to the insurer's Select range and has been re-badged with the Allianz Cornhill banner.

Motor Trade Select has a number of key improvements, namely: higher sums insured for core material damage cover, improved risk management advice and updated policy wordings.

Peter Lawrence, Allianz Cornhill's motor trade manager, said: “These changes have been designed to increase profitability and build on our strong market position.”

Material damage sums insured have been altered as follows: locks and keys extension cover has been increased to £5,000, the temporary removal limit is boosted to £15,000 and contents cover has been raised to £5,000.

Risk management is being seen by Allianz Cornhill as a major tool in helping traders reduce their exposure to claims.

As Lawrence explained: “Risk management is possibly the easiest way for a motor trader to influence the premium he pays.” Part of the insurer's strategy is to introduce a policyholder's pack containing guidelines for self-drive hire and an employer's risk management guide.