Survey suggests that underinsurance is widespread
A survey by leading asset consultants, Charterfields, found that 80% of client’s buildings were underinsured by an average of 30%.
Under insurance of commercial buildings has become a real issue. It can often lead to the application of the condition of average in the policy which reduces any claims payments in proportion to the under insurance. In extreme cases of under insurance claims can be turned down in their entirety, so it is imperative that an accurate sum insured is established from the outset.
We know from our own experience that under insurance is a major issue and our own findings mirror those of the Charterfields survey.
We do have a number of solutions to mitigate this problem and enhance the cover that you obtain.
For more information, please contact Mike Dickinson at Russell Scanlan on 0115 9838833 or use our contact form on our website.