You may think that your business and assets are already fully insured and that you have been insured for many years now. But, have you ever wondered whether you will actually be able to claim on that insurance cover in the event of unexpected losses due to a fire, flood, burglary, explosion or any such insurable event.
Working with our technical insurance partners, we have found that although many businesses claim to be fully insured, there have been costly instances where the insurance policy did not cover events that are common to their business operations. At times, the policy wordings were not comprehensive enough to ensure that you get full compensation for losses when you make a claim. Your insurance cover is either effective or it is defective. There is no second chance once a claim event occurs. Our experience reveals that many insurance policies are defective. Many do not read or perhaps do not understand the technical and legal jargon used in most policies. There is over-dependence on their insurance intermediaries to ensure that everything has been considered and the insurance purchased would presumably be able to cover any possible claims.
Click on the link below to view a table for real examples of defective policies uncovered by our technical insurance experts and the implications are very costly.
Inaccurate description of assets to be insured, wrong classes of insurance purchased, too many Exclusion clauses leading to severe loss exposure on needed insurance etc. We have uncovered many glaring examples of under-insurance and wrong insurance coverage and also cases where high premiums paid did not result in optimal and needed insurance coverage.
We highly recommend that you contact us to carry out an insurance audit of the policies covering your company and its assets to prevent costly denial of claim surprises.
For a reasonable fee, our qualified insurance practitioners will provide you with a written report of your current insurance protection condition and make detailed recommendations of necessary actions you need to take.