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Insurance Business | 30 May 2018, 04:12 AM Agree 0
A recent study found just 23% of broker clients were fully covered for their claim - so can more be done to increase the number?
  • Robert Cooper | 30 May 2018, 03:36 PM Agree 0
    This is interesting because a number of Insurance Brokers are being accused of over insuring property thanks to some very low valuations of replacement costs for buildings being offered by some so called "Professional Valuers". We actually have property managers coming back to us demanding refunds on past year's insurance. There needs to be some rules around what constitutes a proper valuation and some minimum criteria as these people do not factor in escalation etc and guarantee their valuation for only three months.

    So it makes it extremely hard to persuade a client that they may be under-insured because it adds to the cost of insurance. We Brokers are not Valuers. The real test is when the property burns down and we have to keep our fingers crossed our client gave us the correct details about the value of their property.
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