Underinsurance is an issue in the market and this is particularly relevant on buildings sum insured. To tackle this issue we’re providing a new valuation service designed to tackle issues surrounding inaccurate sums insured on commercial buildings.
To help provide the insured with peace of mind we’ll look to waive average for buildings as a minimum providing the sum insured is amended in line with the valuation provided via the valuation service.
Here’s how it works:
“Average Clause” sounds complicated, but it’s not. Here’s how it works: Let’s say the property is insured for £600,000, but the actual cost to rebuild should be £1,200,000.
This means that any insurance claim made for the property could be reduced by 50%. So by only insuring for 50%, only 50% could be claimed.
In this example the customer would need to find £600,000 to cover the cost of rebuilding the property in the event of a total loss.
Just £149.99 inc VAT.
Click here to see how the new tool works including the benefits to both you and your customers.
Categories: Commercial Lines