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Insurance Business | 15 Jun 2017, 04:19 PM Agree 0
Insurer had already been named – now we know the estimated cost and the insurance broker involved
  • Keith Jackson | 16 Jun 2017, 04:35 PM Agree 0
    Having retired from the insurance industry in 2006 after 50 years, I find it hard to believe that a qualified fire surveyor would have approved Grenfell Tower if the reports on the construction and fire safety are accurate. One wonders what MPL percentage was given. This is a reflection on the industry as a whole and leads one to believe that the vigilance is far less than at the time of my retirement. I am presently engaged in property management and have yet to receive a visit from an insurance fire surveyor in the past 5 years despite some of the properties being in the category that used to warrant survey. Prudent underwriting seems to be a skill of the past and risk management something that is overlooked. I expect the phrase ' lessons will be learned' to be to the forefront but a return to the former sound and established practices would solve the majority of problems. The lack of training and qualifications does little to improve the situation but since employers give no rewards to those who intend to make a career in insurance and no tenure of secure employment then it is not difficult to understand why there are so my loopholes in what used to be a solid system. Keith Jackon FCII FBIBA Chartered Insurance Practitioner retired.
    • SteveO | 21 Jun 2017, 08:28 PM Agree 0
      Well they did. Panels used in the USA were only deemed a fire risk in the last few years. Hard to find insurance but not uninsurable. Yet they have to he disclosed.

      No one even noted the risk here in the UK. Fire chiefs sign off ok, surveyors give it the green light. We are like some backwards country.

      It's a major miss but these panels are everywehre and not only need to be banned but be immediately removed.

      An insurance company could plead that the client needed to disclose their panels and try and mitigate a claim. Here given the high media coverage I doubt the reinsurer mainly on he hook here, Munich re, would do that. I'm glad Munich re is the reinsurer of the Norwegian firm given strength but depending on the wild reports on replacement cost.... the claim amount is a mystery. 25m or 1bn.... big swing

      Needless to say any council or other owned property with panel cladding..... will find it very very hard to get any coverage next renewal

      But you are correct ... the market is so so soft wirh such over supply markets do not even boyer with surveys anymore. Be rhat the UK or usa.... disapline in the last 5 years has vanished totally.... it's bad...

      Steve FCII MEng
  • Hugo Charles toby | 16 Jun 2017, 07:18 PM Agree 0
    Well said Keith
    I totally agree with your comments on the matter ; so often so called "professionals" are qualified as insurance brokers &/or insurers or insurance experts!
    I'm not yet retired ; spent many years operating as a loss adjuster / loss prevention surveyor prior to my years in reinsurance & retail insurance broking on massive CAR / EAR projects working out of italy but closely with Lloyds & other major first class insurers / reinsurers! My years spent in the commercial credit insurance business taught me many a lesson about business & businesses but the truest words I ever heard were those said by my boss when I was a young trainee ~ he said Hugo we're all good salesmen & brokers until there's a claim ! If the claim is covered you're a good insurance broker & professional in your day to day duties ! If the claim isn't covered you're an asshole like so many others !
    Sorry to be so brutal but when I lost 2 daughters in a fatal car accident 9 years ago I was told by insurers that my girls were each worth £10,000 I was speechless but I was told by a first class insurer that given their age (20 & 18 respectively) & still at university they were essentially worth nothing !!!
  • Cologne | 17 Jun 2017, 01:42 PM Agree 0
    I am a Structural Engineer and know for a fact that this is exactly how councils, management companies and consultancies work. Instead of doing the work for themselves and for insurance requirements, the councils hire management companies who subsequently pass the buck onto engineering and design consultancies, who are expected to sign the building off with minimal requirements 'within reason' and to the building regulations. Unfortunately what many people are unaware of is that such engineering consultancies are only interested in winning more work in the future and are under pressure to give the least conservative views as possible so that the building can be classed as safe. Not reporting or ignoring defects meant minimised costs for the management company. It is also of benefit for the council because they don't need to rehouse the residents. A few such consultancies include McGregor Mcmahon, Elliott Wood Consulting, Fairhurst consulting, IKM Consulting and Evolve consulting. The fact that structural engineers have been appointed to monitor the building in its current form, when emergency demolition should be carried out as soon as possible shows just how delusional the council actually is trying to save its own ass and how such consultancies milk the system.
  • Loss_adjusted | 22 Jun 2017, 02:01 PM Agree 0
    Hmm, wonder if we should be looking in detail at the history of fires with this specific refrigerator, have there been other issues, should this appliance have been recalled by the manufacturer if it appears there was a pattern of issues with it. I'd be looking at the manufacturer of the appliance as there is possibly a products liability issue in there
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