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Insurance Business | 20 Mar 2013, 12:00 AM Agree 0
A disturbing insurance fact has been highlighted by a risk expert, opening the door for brokers to grow their business.
  • Scott Robertson | 20 Mar 2013, 02:28 PM Agree 0
    Why would premium go down when you give them more cover - especially a cover which an insurer could pay out quite a bit of money on?

    They are buying insurance, not being rewarded with insurance.
  • Robert Cooper | 20 Mar 2013, 02:47 PM Agree 0
    Insurance Brokers do not have control of the premium to gain discounts, all we can do is negotiate the best terms for our client.
    At the end of the day all Brokers will advise their clients to take out appropriate Business Interruption cover, but it remains the client's decision to spend the money to buy this protection. All we can do is constantly try and educate them. It would be helped if the Law, Accountancy and other business advisory network backed up the advice we give, it might give it more credibility
  • Darryl Witherington - Integrity Assessments | 20 Mar 2013, 03:58 PM Agree 0
    I understand Scott however I think the issue here is that if BI is taken and if it is written in conjunction with a robust Business Continuity Plan then perhaps insurers should consider a reduced BI premium - I have found that once, or if, Companies undertake the task of completing a detailed Continuity Plan it certainly would assist insurers by potentially minimizing any BI claim.
  • Greg McDonald | 22 Mar 2013, 08:32 AM Agree 0
    Because Scott, if a Client has undertaken a BCP it is most likely they will be back in business far quicker thereby reducing overall exposure. Premiums are paid on total SI. Advantage Underwriter. Clients want to get back in business as quick as possible. Insurers facilitate this. Advantage Underwriter.

    Where is the advanyage to the Insured in having a BCP?? It could be actively argued Underwriters actions or should that be in-action "encourages" Insureds to select against Insurers.

    Dare I say same problem as Under-Insurance but no leadership from Insurers yet much chest thumping. Seems it's always someone else's problem.

    Here is a novel idea perhaps Insurers can get innovative.
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