Arthur J. Gallagher (AJG) has teamed up with independent specialist Cardinus Risk Management to launch a new nationwide service that aims to help clients neutralise the risk of underinsurance.
The two companies will provide property owner clients across the UK with easy access to building insurance valuation surveys that will ensure that their assets are adequately protected.
The global brokerage firm noted that almost 80% of commercial properties in the UK could be underinsured by as much as 60%.
Greg Spiteri, national practice leader for real estate at AJG, said that underinsurance exposes clients to “a raft of interconnected consequences” such as increased borrowing of funds, dispossession and legal action from lenders and leaseholders.
“As the costs of rebuilding continue to rise, we need to ensure our property owner clients have all the tools and support they need to counter the risk of underinsurance, prevent any reduction in claims payment through ‘averaging’ and secure settlement as quickly as possible,” Spiteri said.
“When property assets are underinsured, it’s not just a shortfall in coverage for repair and rebuild costs that the owner faces in the event of a claim,” he added.
Spiteri said AJG partnered with Cardinus since it has a UK-wide network of professionally trained surveyors and consultants and over 20 years of experience in specialising in building valuation surveys.
“Cardinus was the natural choice of partner to support our own national network of more than 50 client-facing branches with an independent quality service,” he said.