What do you need for a good claims service and outcome?
Ensure you need to have correct levels of cover to avoid under-insurance and ‘average’ clause being used. This is key, whether you are looking at Buildings, Equipment, Stock or Business Interruption.
Ensure that any Business Interruption cover is set up correctly, and is ideally ‘Declaration linked’. This gives an additional 33% cover and deletes the average clause. The length of time that cover is provided (indemnity period) can be vital. The standard 12 months is often totally inadequate but many extensions are available.
To comply with warranties and any relevant clauses insurers like to assess risks before they are insured, and to reduce them as far as possible. They use clauses and warranties as ways to ensure that you act to minimise these areas of risk in pre-agreed wordings.
In addition to having an independent insurance broker to fight your corner, it is ideal to have your own Loss Adjuster (Buckland Harvester use a special scheme that that pays for their services). They can take what we can do to a different level including the following:
- Project managing the whole claim
- Equipment & stock inventory
- Finding new premises
- Valuations
- Interim payments
- 1 hour response, 24/7/365
However, for a more indepth look at Buckland Harvester's recommendations, please visit their website or contact David Hudson on 0161 834 1884.
David