Under the radar
Underinsurance is a major problem for brokers, insurers and clients. Our panel of experts discuss what can be done to put the problem on the industry’s radar. Andrew Pearce reports
Has the recent double-dip recession exacerbated the issue of underinsurance?
▶ Alistair: We have seen an increase in underinsurance and logically it stands to reason. Certainly we are in a difficult economic climate so premiums are the primary driver for your clients. If clients have got a premium and then potentially a valuation fee to add on to that, are they going to do [a valuation]? They think ‘if I’ve got a million-pound building I will insure it for lower than maybe the full cost’ without
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