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When navigating the labyrinth of insurance terminologies, the term "Trace and Access" often emerges, especially in property insurance. But what exactly does it mean? Let's dive into the world of insurance to demystify "Trace and Access".

1. What is "Trace and Access" cover?

"Trace and Access" is a specific term used in property insurance, particularly in home or building policies. It refers to the coverage provided to locate the source of a hidden leak or similar issue within the property. Once the issue's origin is found (the 'trace' part), there's the subsequent need to access that problem to repair it (the 'access' part).

2. Why is "Trace and Access" Important?

Picture this: You notice a damp spot on your ceiling or perhaps discolouration on a wall. While the damage is evident, the cause isn't immediately clear. This is where Trace and Access coverage becomes crucial.

  • Protects Your Property: Without prompt intervention, hidden leaks can escalate, leading to structural damage, mould growth, or electrical hazards.
  • Saves Money in the Long Run: Addressing the root cause promptly can prevent more extensive (and expensive) damage later.

3. How Does "Trace and Access" Work?

When a potential hidden problem is identified, specialists may be called to determine its source. This might involve:

  • Using thermal imaging cameras.
  • Conducting pressure tests on pipework.
  • Removing parts of walls, ceilings, or floors.

Once identified, the issue can be repaired, and then any disruption caused during the search will need rectifying. The Trace and Access coverage should handle these costs up to the policy's specified limit, .

4. What Should Policyholders Be Aware Of?

  • Policy Limit: Most insurance policies will have a monetary cap on Trace and Access costs. It's vital to be aware of this and ensure it is sufficient for potential needs.
  • Not Always Standard: While many insurers include Trace and Access as standard, it's not guaranteed. Always check policy details and consider adding it if not included.
  • Difference from Main Claim: Trace and Access is separate from the main claim of fixing the resultant damage. For instance, while your policy might cover the cost of locating and accessing a leak, the resultant water damage repair would come under a different part of the coverage.

5. In Conclusion

"Trace and Access" is an essential facet of property insurance that provides peace of mind. It ensures that if there's a hidden issue causing damage to your property, not only can you claim for the damage itself but also for the costs of finding and accessing the problem.

In a world of uncertainties, comprehending the intricacies of your insurance policy can offer some assurance. With knowledge of "Trace and Access", you're one step closer to ensuring your home or property remains in prime condition, regardless of unforeseen challenges.

If you are affected but a water leak and need to make an insurance claim, it is advisable to enlist the help of a Loss Assessor such as Oakleafe Claims who will help prepare and present your claim smoothly and efficiently.

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Movo Awards 2023

Oakleafe Claims are delighted to announce that we have been nominated for the 'Claims Service Provider Of The Year Award' at the 2023 Movo conference. We are also a sponsor of the event and will be exhibiting on a stand during the day.

What is the Movo conference and award ceremony?

The Movo conference this year is taking place at Aviva St Helens in London on Thursday 20th April, with the awards ceremony following at Madame Tussauds the same evening. With an impressive list of leading insurers, broker members, Movo partners and industry professionals attending, the conference promises to be a busy and enjoyable day. There will be many opportunities for exhibitors and professionals across the industry to network, make connections and expand their knowledge. Having launched in 2019, the Movo awards ceremony will be a unique and special celebration of hard work and excellence in the industry.

Who are Oakleafe Claims?

Oakleafe Claims are the UK's leading Loss Assessors and have been giving professional insurance claim help since the first World War. If you are ever in the unfortunate situation of having to deal with an insurance claim, whether this be in your home or business, Oakleafe are on standby to give immediate help to get your life back on track. As the only party in the claim on your side, Oakleafe will look after your interests and deal with all the stressful meetings and investigations to ensure you get the most out of your claim.

Movo award nomination

It is a huge privilege for Oakleafe to be shortlisted for the 'Claims Service Provider of the Year Award'. Having won several top awards last year, we are super proud of everyone in the Oakleafe team to continuing to strive towards perfection in managing clients' claims, and hope their efforts are rewarded at the conference.

We look forward to both the conference the awards ceremony and seeing many likeminded businesses and wonderful people there.

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Oakleafe Claims are looking forward to exhibiting at the South West Business Expo on Thursday 16th March. With over 2,000 people attending and 250+ exhibitors, the expo promises to offer lots of opportunities to expand business knowledge and develop new connections.

What is the South West Business Expo?

The South West Business Expo is the UK's largest one day business expo and showcases the best of the business community in the South West. Located at the Westpoint Arena in Exeter, Devon, the South West Business Expo is a hot spot for people to network with a large variety of business owners, professionals and gain expert knowledge and support to help grow and prosper. It is the 10th year of the event and there is many activities going on throughout the day, including keynote speakers, workshops, and speed networking.

Oakleafe Claims cannot wait for the South West Business Expo and look forward to showcasing our latest services and developing our business network whilst gaining valuable insights. If you are attending the event, be sure to come over and say hello to our fantastic team!

Who are Oakleafe Claims?

As the number one Loss Assessing company in the UK, Oakleafe Claims have dealt with a whole range of insurance claims ever since the first World War. We have experts in both domestic and commercial insurance claims, and are always on hand if you are ever suffer from a devasting event such as a fire, flood, or burglary. Oakleafe will always be by your side to ensure you receive the best during every stage of your claim. We will also use our extensive knowledge and experience to handle all the stressful meetings and investigations to ensure you get the most out of your claim.

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Oakleafe Claims are delighted to announce that we have become corporate associate members of the British Damage Management Association (BDMA). The membership will enable us to continue pushing forward as industry leaders through ensuring the best standards are adhered to during the restoration stage of the insurance claim process.

About the BDMA

The British Damage Management Association are the certifying body for damage management professionals. They raise industry standards and provide training for practitioners and others across the wider insurance industry who are involved in the recovery and restoration of damaged properties, such as Oakleafe. The BDMA also facilitate recognition of specialist services in the recovery and restoration sector.

Oakleafe Claims BDMA membership

With generations of experience in dealing with incidents and perils such as floods, water damage, fire and smoke damage, the BDMA membership will provide a huge boost for everyone at Oakleafe. Client satisfaction always at the forefront of our operations and becoming corporate associates will allow us to provide even better services for those who have experienced a tragedy in their home.

Everyone at Oakleafe Claims is looking forward to working with the British Damage Management Association and seeing where this membership takes us.

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Electrical failures are the main cause of fires in a home. They make up 25% of all fires and commonly this is down to an electrical arc fault.

What is an electrical arc fault?

Electric arcing often occurs when there is a breakdown of dielectric strength. Dielectric strength is the maximum electric field a material can withstand in any insulating material in a live power system. Electrical Arc Faults can occur when there is an undesirable current flow in an unintended path.

House fire Tooting South East London
House fire Tooting South East London

Types of arc faults

There are two kinds of arc fault. Parallel arc fault and a Series arc fault.

Parallel arc fault

Parallel arc fault is when the current flows through damaged insulation from one conductor to another causing a leakage current that is too weak to be detected by a relay. The leakage current, travels in arcs to ease its passage through the insulation.

Series arc fault

A Series arc fault is when a single wire is broken apart and the current arcs gap across the conductor to complete the circuit. This in turn creates abnormal heat at the affected area, which degrades the insulation further and therefore can lead to the ignition of other material surrounding the insulation.

Each arc heats and gradually carbonises the insulation. Eventually the arcs ignite the carbonised insulation over time. Carbonised insulation acts like an accelerant fuel and is ignited by these electric arcs.

Leakages of current generate arcs that carbonise the insulation.  Carbonised insulation is an extremely good conductor of electricity. The cycle of arcing and carbon conduction gathers pace and intensity until the carbonised insulation spontaneously combusts which can lead to significant damage.

Get help with your fire Insurance claim caused by electrical arc

Dealing with the aftermath of fire damage caused by an electrical arc in your home is incredibly stressful. You will need an Insurance assessor if you want to receive your full entitlement after a fire. Oakleafe claims are loss assessors that will handle all aspects and prepare and present your claim to ensure you receive everything you’re entitled to whilst taking the stress away from you.

Call us today on 0333 2101 999.

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For more than 30 years, the Federation Of Master Builders has monitored key market indicators and predicted future developments in the UK construction industry.

What is causing the delays in insurance reinstatement claims?

Delays to reinstatement claims has huge implications on other parts of an Insurance claim. Alternative Accommodation allowances are stretched, and this causes leakage on claim costs with related elements such as rental packs and storage costs. According to the FMB 82% of builders have delayed Insurance jobs due to a lack of materials or delays in them being available. 60% of SME builders undertaking reinstatement works have had to pause work due to a lack of skilled tradespeople and in total 89% of builders have faced delays due to either materials or skills shortages.

Labour shortages rising

While the struggle to hire a bricklayer or carpenter has eased slightly, shortages of general labourers, plasters and roofers are on the rise. The FMB states that the impacts of these shortages on their members businesses has affected builders mental health, with some even considering closing their businesses as a consequence of the current market.

Such is the shortage of personnel that 42% can’t even get hold of general labourers, which is up 6% on last quarter. A huge 97% of builders have faced material price rises, with 93% expecting this to continue into 2022. 

Get help with your insurance claims

With wait times for jobs high, policyholders may feel the pull of unscrupulous builders who seek to exploit the situation. It is at these times when a Professional should oversee the process. Loss Assessors such as Oakleafe Claims offer a project management add on to their claims management service for policyholders after a fire or flood. This will help to avoid the rise in rogue trading that are already being reported. All good builders are facing severe delays. The FMB has even inserted new clauses into their suite of draft contracts to reflect current market instabilities.

The insurance repair industry is not only affected by haulage issues limiting the supply of materials, and skills shortages, but the Government should come up with a comprehensive response. It should start by using the Spending Review and Budget to back a national skills strategy for the construction sector. Until there is an overturn of decades of neglect when it comes to encouraging young people towards a career in construction, there will be little new talent. Prices will continue to rise, and this will have implications on sums insured and premiums. 

If you need help with your insurance claim, click here to visit our contact page and get in touch.

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Having a disaster in your home or business, is to say the least, a very traumatic experience and now you have the responsibility with dealing and submitting a complex and difficult Insurance Claim.

Fortunately, you have prepared well. The good news is that you have a strong insurance policy covering you against such circumstance, you have paid your premiums on time, year after year.

Unfortunately, the bad news is that the impending insurance claim you’re about to make will often seem more frightening with great difficulties and stress in comparison to the actual disaster.

Why are Insurance Claims Difficult?

Insurance Claims are Difficult because it the responsibility of the policyholder to prepare and present their claim to the Insurance Company. This could often mean you would have to quantify and justify every single aspect of the loss while trying to keep things afloat.

Insurance companies would send out their own Loss Adjuster whose sole responsibility is to represent the Insurance’s interest and investigate the cause of the incident. Additionally, they can try to interrogate you and find any possible faults which might be used to deny the claim.

Difficult Insurance Claims Lead to Repudiation

Did you know that 1 in 5 Home Insurance Claims are Repudiated (Not Paid Out). When facing difficult Insurance claims, it is common when policyholders do not not read the fine print in their insurance policies and may often find they have not met some of conditions in a policy.

Click here to Read More

Loss Assessors can handle Difficult Insurance Claims

Loss Assessors work and represent the policyholder in the event of an Insurance Claim. Loss Assessors are independent Insurance Claim experts who can take the stress away from your claim. They work for you the policyholder, and only you. They can use their expertise knowledge and skills to deal with Difficult Insurance Claims. Loss Assessors will aim to get everything you are entitled to.

Click Here to read more about Loss Assessors

How Oakleafe Can Help with Difficult Insurance Claims

Oakleafe is the only party in the claim process which is on your side. Insurers appoint their own specialists to look after their interests to limit the levels of their liability. We are interested exclusively in your interests, to ensure you receive everything you are entitled to under the policy.

Having handled hundreds of complex and difficult Insurance Claims with the experience of over 8 Generations. We are confident to handle all the claim process from the beginning, until the end. where we can negotiate and ensure you are returned to a pre-loss position.

Every single claim will be unique in a certain way. Whether you have experienced a Flood or a Fire & Smoke Damage, we are able to handle all aspects of the claim.

Process in an Insurance Claim

As Insurance Assessors, we take our clients through every step of the Insurance Claim and we keep them up to date with every progress made. Difficult Insurance Claims can potentially be very complex but have made a quick list below that summarises the average process in handling an Insurance Claim.

  • Notification - After an incident your Insurance Company needs to be notified of the incident.
  • Mitigation - All policies place a responsibility on the policy holder to mitigate or prevent the damage from worsening.
  • Appointing an Assessor - Our experienced in-house Assessors would be assigned to your claim who will use their wealth of experience to manage all aspects of the claim.
  • Restoration - Depending on the type of claim, a professional restoration approach would be undertaken to ensure material damage is kept to a minimum.
  • Scope of Specification - Charted Surveyors, Structural Engineers, Contamination Experts and other professionals prepare detailed quantification of the loss. All reports and claim documents would then be submitted to the insurer.
  • Negotiation - We will undertake all meetings, phone calls, communications and negotiations to achieve a satisfactory settlement.
  • Approval - Once Insurers or their representatives approve the claim we prepared and submitted to them, funds are released to enable works or professional services to commence.

If you require any information, feel free to contact us and we would be happy to help you!

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Insurance Claim Services

Domestic Insurance Damage Claim

Commercial Insurance Damage Claim

Related Claims and Topics

Insurance Policies are designed to help cover loss during a disaster in a home or business. But they require conditions to be met by the policyholder. Disasters cannot always be avoided buy we have come up with a list of common disasters and ways minimise and identify some of the potential dangers in your home.


fire-disaster.jpg

How to How to Prevent Fire Disaster

Fires can be catastrophic with overwhelming consequences in just a matter of minutes. They can be easily prevented with a few simple measures and checks. Please follow the list to ensure that you minimise the chances of a fire in your home:

“Did you know, just over half of home heating fire resulted from fires caused by heating equipment too close to things that can burn, such as upholstered furniture, clothing, mattresses or bedding.”

  • Smoke Alarms are cheap and very easy to install, you are 4 times more likely to survive a fire if you have a functioning smoke alarm. Do not forget to test your smoke alarm regularly and change the battery if required.
  • All Appliances should have an CE marking for safety standards.
  • Old Cooking Appliances Should Be In Good Condition: You should make sure that old cooking appliances are well looked after and are in good working condition. Each year many fires start due to heating equipment that hasn’t been maintained.
  • During winters, electrical heaters can be often useful to quickly warm up, but they must be kept clear of any sheets, window curtains or any other ignitable materials.

For additional fire prevention and knowledge, please visit your local fire services for free advice. If you have had a home fire, click here to see how Oakleafe Claims can help you.


storm-disaster.jpg

How to Prevent Weather Damage:

Although we cannot control the weather. There are still many things which we can do so that we can reduce the risks, or even prevent some of the potential problems that might occur during bad weather.

  • Clear Guttering: During a stormy weather a clogged gutter can potentially cause problems on your roof that can lead to leaks.
  • Plumbing should be in good condition to prevent pipes from freezing with the potential of a burst pipe and escape of water.
  • Broken or loose roof tiles should be fixed as this can prevent leaks and potentially prevent other tiles from breaking during a bad storm.

theft-disaster.jpg

How to Prevent Theft:

Anyone who has experienced burglary in their home will tell you it makes you feel violated, apprehensive and at a loss of your next move. There are different ways that can potentially detour thieves

All Entrances are secured and avoid leaving a spare key under a door mat or somewhere hidden.

  • Fences and other Entrances are well maintained, broken or unmaintained entrances can open vulnerabilities.
  • High Value Items like Jewellery are kept in a safe or out of sight.
  • Consider CCTV and/or Smart Home Security Systems – Just the sight of camera or the alarm is enough to detour most thieves.

eow-disaster.jpg

How to Prevent Burst Pipes

Pipes freeze because frozen water takes up more space inside your pipes than its liquid form, expanding and causing the metalwork to buckle.

Fact: A large portion of burst pipes occur in the winter due to a drop in temperature.

Here is a list of things you can try to prevent burst pipes.

  • Consider Lagging all internal pipework – in particular, pipes in lofts.
  • Watch out for changes in your home, drops in boiler pressure or discoloration to floors could all be signs of a leak.
  • Insulating your pipes and water tanks to prevent them from freezing.
  • Turn off water if you are going away

Engage a Loss Assessor:

Loss Assessors are independent Insurance Claim experts who can take the stress away from your claim. They work for you the policyholder, and only you. Using their expertise knowledge in Flood DamageImpact DamageFire Insurance Claims and Theft Insurance Claims, they have the skills to handle your Insurance Claim from the beginning to your pre-loss condition. Loss Assessors will aim to get everything you are entitled to.  It is important to engage a Loss Assessor as early as possible as they can ensure the entire process proceeds in the correct manner and your claim is not prejudiced negatively.

Fire Fact Source: http://www.firstalert-online.co.uk/fire-safety-facts/

Related Claims and Topics

Many businesses make mistakes when trying to determine their plant and machinery sums insured. Setting the correct sum insured requires careful consideration of a number of factors, and a thorough knowledge of the policy terms. Brokers and Insurance Loss Assessors can play a key part in helping customers correctly value their assets, and avoid underinsurance.

For businesses that rely on key machinery, underinsurance can have severe consequences. Simply using the purchase cost for valuing assets is a mistake made by many, resulting in inaccurate sums insured and inadequate claim settlements. Valuing assets for insurance purposes requires a particular methodology, and assessors can play a key role in helping customers approach the issue.

What happens if I have a claim?

The basis of settlement determines how a policy is worded to calculate a claim. When setting the sum insured, different approaches must be taken, depending on which basis of settlement is specified. Insurance policies can specify different bases of settlement. It is therefore essential that the applicable basis is known before valuing assets.

In the UK, it is usually an indemnity or, more commonly, reinstatement basis for items of machinery. Other basis of settlement do exist, such as an agreed value basis, but are less common for most customers’ purposes.

Indemnity Settlement

An indemnity basis reflects the traditional principle of insurance: to return the insured to their position prior to the loss – no more, no less.

An indemnity basis will cover either:

  • Cost of repair, less an allowance for wear, tear and depreciation • Cost of a similar machine, giving regard to its age and condition
  • A settlement on this basis is therefore unlikely to fund the full cost of a new replacement asset, so customers should be particularly conscious of overstating sums insured.
  • The purchase cost should be avoided, as the value of plant and machinery can rapidly depreciate once in operation. A reasonable starting point is the current market value of the asset, taking into account age and condition.
  • Difficulty arises where a current market value is not easily determinable, particularly if the asset is no longer being produced or actively bought and sold.
  • Valuations for an indemnity basis can therefore be a difficult task for customers to undertake alone, and both under- and over insurance are distinct risks.

Reinstatement Settlements

Reinstatement is the most common basis of settlement used in the UK insurance market. This departs from traditional principles, as a claim settlement will result in an improvement to the insured’s position.

Reinstatement will cover either:

  • Cost of repair, with no deductions made for wear, tear or depreciation • Cost of replacing the asset with a new item of similar type, capacity and utility (new for old)
  • The sum insured on a reinstatement basis should include the full cost of completely replacing an item of plant or machinery with a new item of similar type and capacity. In addition to the purchase cost, this sum should include factors such as fabrications, freight and installation costs.
  • If the item is readily available for purchase, then determining an appropriate sum insured should be relatively simple. However, difficulty arises if machinery is old or no longer in production. In those circumstances, the cost of an alternative piece of equipment of a similar nature and capacity must be identified.

Getting The Value Right

The approach taken to valuations will produce different results, with reinstatement sums insured being notably higher than those on an indemnity basis. Approaching a valuation from the wrong starting point is likely to result in either over- or underinsurance. Plant and machinery are also particularly susceptible to fluctuations in value, making it difficult for people to establish an accurate sum insured.

It should be stressed that there is no substitute for regular professional valuations to be undertaken for insurance purposes. It may be the difference between sinking or survival. You must seek an Insurance Assessor.

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Insurance Claim rejected help !?!

If you have had an insurance claim that has been rejected (also known as repudiation) by your Insurance company, it may often feel like all hope is lost. Here we try to address some of the problems which can cause an insurance claim to be rejected and what you can do to avoid this.

Rejected Building Insurance Claims

Having The Correct Insurance Policy

Most rejected insurance claims and policies we see are under insured. The value of reinstating your property is not what the market value is. Remember that about 30% of the rebuild is in the ground. Add to that legal, professional and local authority fees and you can see that the sum you have covered in the policy gradually eroding.

Make sure your home is not undervalued as this is the most an insurer will pay out. In some cases an insurer may even return your premium and cancel the policy as you have grossly misrepresented their risk. Remember it's your responsibility not the insurance company to obtain accurate values for reinstatement.

REJECTED BECAUSE LACK OF MAINTENANCE

poor maintenance of home can cause rejected claim

Another reason insurers reject property insurance claims is if the loss or damage was the result of 'gradual deterioration' or a lack of 'maintenance', you will not be covered. Things such as failed damp proof course and some rot are examples of this.

Poor design and faulty workmanship. In this instance you will not be covered. If you believe the cause to be as a result of negligence by a contractor then you may be wise to seek legal advice regarding a claim against the supplier or installer. Your building insurer is likely to reject (repudiate) any claim in this regard.

EXCESSIVE HOLIDAYS

Beware of taking long holidays. If you leave a property unoccupied for 30 consecutive days or more without advising your insurer, they could have grounds to repudiate a claim. This is especially true for fire claim damage and water damage.

MATERIAL VALUE CHANGES

home building extension affects insurance cost

Material change in the risk - insurers must be informed of any 'material increase' in the value of the risk they are covering. For instance, with home prices and building costs escalating so quickly, the replacement value of homes has increased. Any alterations to your property will likely increase the value and there could be risk of damage during construction. If this happens, seek the advice of an insurance claims management company.

Rejected Contents Insurance Claim

Non-compliance with security requirements - make sure you are familiar with policy conditions and endorsements. Should you fail to comply with your policy conditions on minimum security, your claim could be rejected.

You must have what's known as an 'insurable interest' in the property, in other words a financial interest in insuring the asset. If you only part own it or not at all then you will find insurers will reduce proportionally or even refuse to pay at all.

DISCLOSING ALL DETAILS

Check that you have provided all details in the policy form as correct and accurately as possible to your best knowledge. Insurance companies will try to reject claims on the basis inaccurate provided information.

HOW OAKLEAFE CLAIMS CAN HELP

Loss Assessors Oakleafe Claims offer a mid term survey to identify material changes and problem areas in a policy that needs the policyholders attention. Key to this are the warranties and conditions that are the spine of any cover.

Rejected Insurance Claims (Repudiation):

The term repudiation in Insurance claims management refers to the rejection by Insurers to pay a claim. They will relate this rejection to a specific reason such as non-adherence to a warranty or condition in your contract of insurance.

It is always advisable to seek the help of a claims management company in this instance. Sometimes it can be easily turned around with the production of information in the right manner which has been misinterpreted by the Loss adjuster.

Related Claims and Topics

Family flood claim rejected by insurance company.

An Insurance Company has been accused of “giving the industry a bad name” for rejecting a Flood Damage Insurance Claim by a family whose home was hit by flooding near Bridgend.

How Insurance Companies Operate

Insurance Companies can often interrogate you and make you feel you are the one to blame. They will investigate and attempt to find any possible evidence to disprove your claim. Often they expect you to use technical terminology to provide your case. Insurers always have the mindset to pay the minimum possible claim sum. And if you do not have a solid case, the chances of a claim succeeding are slim.

Mark Jenkins has been told by Ocaso his claim in November is being refused because he did not declare the house in Maesteg was within 200m of a river.

Ogmore AM Huw-Irranca Davies said the flooding was nothing to do with the river and the firm was “unreasonable”.

Ocaso said it was “in discussions” with Mr Jenkins.

Mr Jenkins estimates it caused about £50,000 of damage to his house and is challenging Ocaso’s decision not to pay out.

How Loss Assessors can help

In a situation like this, a qualified and experienced Claims Assessor can run a full scope of work. This would mean the Assessor would provide complete reports and Quantified sheets. These reports would disprove the allegation of the Insurer that the evidence they provide is irrelevant to this claim.

“It’s a bit of a struggle as you can imagine, four of us in one room,” he said.

“[Our] two-year-old [was] looking forward to one of his first major Christmases in the house, that’s not going to happen.

“It’s just utter devastation at the moment – we’re just making do.

“We’re just lucky we’ve got close family to put us up because otherwise we’re effectively homeless because we can’t live here.”

In this incident where the house can no longer be inhabited, Loss Assessors would  help you find alternative accommodation and oversee the welfare of you and your family while the house is being restored to its pre-loss position. Insurance Loss Assessors will aim to get everything you are entitled to.  It is important to engage a Loss Assessor as early as possible as they can ensure the entire process proceeds in the correct manner and your claim is not prejudiced negatively.

For the full article follow the link to read more.

Source: BBC News

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An owner of a jeweller store has had £2,225 worth of goods stolen in February. After contacting the insurers (Legal and General) looking to make a stolen jewellery claim. Their Insurance Company only offered them £1,257 in cash to replace what they had.  Or the absurd offer of vouchers in full amount to use in a different jewellery store.

If the owner was to take the cash settlement in the Stolen Jewellery Claim. They would be at a 42 percent loss when it came to the true value of the claim. This does not include the cost of having all the broken furniture reinstated

Rebecca Rutt, of This is Money, replies: Insurance is all about providing cover in worst-case scenarios, such as your house being burgled and expensive valuables being stolen.

In case this happened , when you went to claim on your contents insurance . You were given a significantly lower amount if you chose to take the sum in cash.

As you took out the insurance to cover the whole value, it seems strange you would lose so much if you took the cash instead of the vouchers.

Insurers often look for ways to pay out the minimum sum of a claim. In this Stolen Jewellery Claim scenario, they were probably able to get a discount voucher with that other Jewellery store.  That voucher would come at around the same value as the cash settlement which they had offered.

Sometimes an insurer may offer vouchers – this is often the case with jewellery – which can be a surprise for any consumers who may have expected cash instead.

Whether this is fair is likely to depend on whether or not the insurer is able to offer a suitable replacement for the item, and on what the terms of the policy say.

Theft Insurance Claims

HOW LOSS ASSESSORS CAN HELP:

For a better result in this Stolen Jewellery Claim, Loss Assessors can examine your Insurance Policy and determine whether a voucher is considered a valid payment to your claim. Additionally, the Loss Assessor can ask the Insurance Company how they are justifying this sum. The objective is to get the Insurance company to reconsider their position. But unfortunately this can only depend on the policy terms and conditions. Burglary Damage can also be considered a part of the claim as the business must be reinstated to its pre-loss condition by replacing any damaged sales equipment or displays which may have been broken by the burglars.

Read more: ThisIsMoney

Related Claims and Topics

We are pleased to announce that Oakleafe Claims have been shortlisted by the British Claims Awards for loss assessor of the year 2020! We feel very honoured that our hard work, integrity and customer care has been recognised.

We have been nominated by our industry as a result of excellent claims management, good customer service and the ongoing commitment to staff training and development. Oakleafe has grown extensively during the last 3 years with full UK and european coverage to assist all clients and their homes & businesses with a first class professional service.

The British Claims Awards are hosted by Claims Media. Claims Media reports on and analyses the claims sector through online and physical channels, while recognising its best and brightest stars and brands for their achievements and dedication to clients.

Related Claims and Topics
You may be a good negotiator but are you an expert in insurance? 
DON’T GO IT ALONE.

GET IN TOUCH

If you have been declined whilst trying to claim on your domestic or commercial insurance, we can help. We can also help with professional services, for example, Brokers, VAR Valuations and Managing Agents.

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