Over the years I have noticed a reluctance amongst some clients to provide us with enough information to make a proper risk assessment or some that are economical with values or data provided.
I guess that this is a legacy issue where a client might believe that the less they divulge the cheaper the resulting insurance premium.
Historically if noticed at the point of a claim insurers would apply “average” to any settlement for example; if you’ve only insured 50% of the value then your claim, regardless of whether or not it falls within the overall limit would be settled at 50%.
Following a change in the insurance act’2015 if you have provided data in good faith and unknowingly under-insured, then the insurer should re-assess the premium paid and give you the option to pay the difference in order to get 100% settlement.
This creates a much fairer resolution to claims settlement and results in less repudiation.
However, as a wise old insurer once old me, if you are going to take the pain of paying the premium, make sure it’s the right premium to avoid the pain of not being paid your claim at a later date.
In my experience the more information we can access and the more accurate the figures presented the better the insurance premium, rather than withhold anything, tell us everything!
Use our knowledge and expertise and place your trust in us to present your risk to an underwriter to avoid any nasty surprises when it comes to making a claim.
If after all that the price is not what you are prepared to pay then we’re not about to force you to take cover from us, but at least you’ll be armed with information to help you make valued judgement.
Here at Ashbourne, we don’t “sell” insurance, we provide you with complete peace of mind and have been doing so for 40-years.
Pick up the phone (01992 471 001) or visit us on-line www.ashbourneinsurance.co.uk to find out more about us and our insurance solutions.
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