Insurance Company

Insurance Fined For Playing Devil’s Advocate

When dealing with a claim, Insurance Companies would usually hire a Loss Adjuster who would actually seem independent but are actually paid for and only work for the Insurance Company. This means that when the Adjuster's time come to adjust your loss, they would be working with a small bias

Insurance Company Complaints on the Rise!

Insurance Company Complaints on the Rise!

According to a leading Insurance claims management company, about 2 in 10 of the claims they are assigned to end up with a complaint. These are valid claims that Insurers have accepted they will pay who have failed to meet with the policyholders expectations.

Fire Safety – The Importance Of A Smoke Alarm

Fire Safety – The Importance Of A Smoke Alarm

Smoke alarms are available from most high street retail outlets. Your local fire brigade will be able to advise you further, but any model with either a British Standards Kitemark, or a Loss Prevention Certification Board (LPCB) symbol, will have been rigorously tested for its safety and reliability. 

Scary – Halloween Insurance Claim Nightmares

Scary – Halloween Insurance Claim Nightmares

Frighteningly, Halloween & Bonfire season see a sharp spike in fires and theft related crime. Making a claim and dealing with an Insurance company can be scary, fire damage insurance claims are a nightmare. It is common for people let their guard down and open their properties up to welcome trick and treaters.

What Is Business interruption?

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Business Interruption is largely missed by most policyholders if you don’t ask for it to be on your insurance policy. That’s usually due to business owners believing that other insurances such as buildings and contents policies will take care of everything if their operations are interrupted by events such as Burglary Damage, Impact Damage, fire insurance claims, building insurance claims. Those policies will usually put the damage right, but they make no allowance for the resulting financial loss to your business. For all businesses, the lack of business interruption cover can often lead to a business termination! There are many causes of business interruption. No one ever expects these disasters to occur to their business so when they do they usually expect other policies to cover all of their losses.

Let’s talk about an example where a pipe burst in a business. Yes the stock and plant or machinery can be replaced, as can computers or other materials. However a soaking wet building could need a few months to dry out. We have seen some badly flooded buildings take more than six months to be usable again. Imagine if the equipment has a long order lead time – some bespoke machinery can sometimes take just as long to replace. If you cannot trade in the interim, you will lose income, use all your reserves up and possibly run out of money. You may lose experienced staff as well as valuable customers. Customers are fickle they will go down the road if you are unable to meet their needs.

Business Interruption Insurance covers financial losses that are a direct consequence of a fire or flood. Remember that it will assist with elements such as loss of profit, loss of rental and additional staff costs. Business interruption looks forwards not backwards so quite often a BI claim runs for several years as the financial loss to a business continues long after it reopens. You may also have other costs such as marketing and advertising that are needed to get customers back on board. These are all taken into account with Business Interruption. A good Loss Assessor will be able to help calculate this. Remember Loss assessors work for you and Loss adjusters represent the insurance company. Any claim where there is BI will usually need the assistance of an insurance claim management company or specialist.

Insurance claims management is an art. A Loss Assessor is an Independent entity hired and paid by the insured (policy holder) to negotiate, prepare & present an insurance claim with the insurance company and loss adjuster (insurance company). The Loss Assessor receives a fee that is usually a percentage of the claim amount received by the insured but on average gets a policy holder far more than they would do themselves. According to the Times, engaging a Loss Assessor gets you about 30 – 40% more than you could on your own merits. At the end of the day you are entitled to what the policy caters for, even though this is often not what insurers offer you.

Anger as Insurer reject Maesteg family’s flood claim.

Anger as Insurer reject Maesteg family’s flood claim.

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 like you are the one to blame.