Opinion: Biba's Steve White on tackling underinsurance
Trials and tribulations of underinsurance: Tackling underinsurance isn’t being made any easier by the recent changes to the Ogden discount rate, explains Steve White
In 2015 the Financial Conduct Authority (FCA) published a thematic review into SME claims and reported a significant degree of underinsurance in this sector, a troubling conclusion for brokers and clients alike.
It might sound simple – just insure what is at risk, but it’s not that easy. Sums insured can roll over one year to the next without being thoroughly reviewed. Businesses not using a broker might be totally unaware of what they actually need to include within their material damage
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