Our research shows that building sums increase by an average of 20 per cent following an onsite risk survey. This highlights the scale of underinsurance in the high-net-worth market. We are also seeing insurers apply average more frequently and make a proportionate claim reduction when underinsurance is discovered during a claim.
The result has been a rise in the number of policyholders making professional indemnity claims against brokers for providing inadequate advice.
Our broker survey service avoids these problems and makes sure the sum insured figure is accurate.
It also generates the following benefits for a broker’s clients:
- The survey helps set the correct sums insured and therefore ensure the correct premium for the risk
- It gives clients confidence that a property expert has completed the valuation and that the broker is providing access to niche specialists
- A proven cost benefit. The cost of survey is a fraction of any potential shortfall if average is applied to a claim settlement due to underinsurance
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