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Is your cover as robust as you think it is?

Is your cover adequate?

 

December 2017


 

Next time, when buying or upgrading your car, instead of just looking at the list of features and negotiating the retail price with the salesperson, we should also ask to speak to the service department. What you don’t always really know was how reliable the car was, what typically goes wrong in the car, if it was expensive to fix and what you could do to prevent any problems.

 

Similar concepts hold true for insurance coverage, especially when it comes to complex exposures and claims. A good insurance broker can be extremely knowledgeable and list all the enhancements of the coverage. That is a minimum requirement.

 

A good insurance broker can negotiate competitive premiums from the market as well. That is another minimum requirement for today’s insurance buyer.

However, obtaining added insight from an insurance broker’s in-house claims handling team takes client advice to another level and can help clients to prepare for potential speed-humps, in the event of a claim.

Insurance claim handling professionals are experienced in how the policy wordings apply at the time of a claim (as opposed to in theory); how certain insurance companies may approach certain situations; which insurers are the most responsive; which are not responsive; which insurers outsource the claims handling process and how their subcontractors perform; and which insurers typically stand by their contract’s intent (the insurers promise to pay) when situations are not black and white. Claims Advocacy is possibly the most important element of any insurance broker’s offering to a client, along with ownership of the claims process from initial notice, through to the successful settlement and conclusion of the claim.

A great insurance broker should nurture and develop a close working relationship with insurers. This is something that takes time and should never be under-estimated. Broker-insurer relationships will prove invaluable in a client’s hour of need, when a claim arises that might not necessarily fall within the four corners of the policy wording.

Like a new car, insurance policies are assumed to be just what is needed at the time of purchase, but they really remain untested until something goes wrong. For a client, it’s not until that claim is made or a loss is suffered that the true value of their insurance programme is understood. It’s a time when claims advocacy and expert advice are essential for a favourable resolution.

For chartered, independent, unbiased and realistic insurance programme advice, please contact the experts at Woodward Markwell Insurance Brokers.

Thomas Hallatt - E-mail: hallattt@wmibl.co.uk / Tel. 01473 408498