Originally posted on CMJ Insurance brokers.
A lot of what a good insurance broker can do, sometimes goes unnoticed as you only know the true value of insurance in the unfortunate event of making a claim, and the hassle that can come with that. We are delighted to share some recent claim examples where we have been able to assist clients in complicated circumstances, and also prevent underinsurance. Would your insurance broker be able to do this for you?
One of our valued clients had an escape of water at their overseas home. Their carpet which was purchased from a specialist supplier in the US and this had to be replaced due to an element of silk content which could not be cleaned. The insurers were able to settle various invoices within 2 weeks of notification, in 3 different currencies, to 3 different bank accounts. Once the client received their new carpet, they were presented with an invoice for import taxes. Their insurers settled this balance within 48 hours of the invoice being presented to them.
Another client had a serious fire at their overseas property. Their claim was settled quickly and efficiently by insurers. Investigations by the insurers appointed loss adjuster revealed that some blame could be apportioned to the energy supplier due to the way their cabling had been installed. This meant that the insurers could claim back some, or all of their costs. After a year of negotiations by insurers, in a foreign language for the most part, with assistance from CMJ, agreement was reached that insurers would recover around 75% of their losses. Under normal circumstances when an insurer recovers losses they would reimburse the client any excess that they had paid. In this case, with only a partial recovery, they would not be liable to pay back the client’s excess. CMJ have an excellent working relationship with this reputable high net worth insurer and we used this to negotiate a full refund of the client’s excess.
A client with a fine art collection was concerned about his sums insured. He had always been careful to add items as and when purchased but felt that insuring for the purchase value was not necessarily the right thing to do. In the absence of any formal valuation, he had historically had no option but to go with this arrangement. He was concerned about the cost of having a valuation but also requested guidance to who he should use if he decided to get one done. During a pre-renewal meeting with CMJ, we offered the client a 3 year long term agreement with his insurers, because part of this contract would be a £500 contribution towards a formal valuation. The client was very happy with this advice and has since had a full valuation of his fine art. This means that his sums insured are accurate and he is paying the correct premium. His policy also offers up to 150% of the value of fine art if a valuation is 3 years old or less, so this client will benefit from this uplift should the art values fluctuate during the next 3 years.