Is it about time to build an Ark?
Well, looking at the forecast for the next week, you could be forgiven for thinking so and our hearts go out to all those who have suffered inundation over Christmas. Early indications are that insurers, adjusters and brokers have risen to the challenge magnificently.
I’m not going to give advice on what to do if your clients are affected (or affected again), as there are plenty of organisations doing that, but I do ask brokers and thereby clients, to pay pretty immediate attention to making sure that sums insured are brought up to date. I’ve lost count of the times that buildings and contents are undervalued, mainly, I suspect, because they have been guessed at.
Not all policies carry an average clause, but no Insurer can pay more than the Limit of Indemnity and although our main purpose has to be to provide help, comfort and assistance when our clients’ lives are turned upside down, this cannot be financially open ended.
So, please talk to each of your clients and get them to spend a little time and money in making sure that sums insured are adequate, so that we can respond fully to any claims.
All the best for 2014.