Time to get to grips with underinsurance
With the technology and amount of data now available, there is no excuse for not tackling underinsurance, argues Thomas Coles
At least one in four commercial properties is underinsured. In all probability, the same stats or worse apply to every other class of commercial and personal lines cover.
That’s bad news for our industry, bad news for policyholders making claims, and bad news for compliance officers when the regulator asks questions about treating customers fairly.
When a client underinsures, the broker loses potential income. More importantly, they appear to have failed in their professional duty to provide the
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