The British Insurance Brokers’ Association (BIBA) and loss adjuster QuestGates have published a guide to valuations for BIBA’s insurance broker members to use with their customers.
This new guide is the second of the year that BIBA has launched to help tackle the problem of underinsurance. The Association made a commitment in its 2022 Manifesto to highlight the dangers of underinsurance and welcomed the support firstly from Allianz and now from its member facility provider QuestGates to provide support for brokers and their customers.
The problem of underinsurance worsened during the COVID pandemic – the Chartered Institute of Loss Adjusters reports that over 40% of all commercial claims exhibit some degree of underinsurance – and is now compounded by soaring inflation.
Coinciding with BIBA’s annual Tour of The Regions where members can freely raise issues and discuss regional matters, the launch of the guide is expected to be welcomed as both a means to help customers and as a useful training tool.
Alastair Blundell BIBA’s Head of General Insurance said:
“Brokers are not valuers but are often trusted risk advisers and can help their customers guard against the unseen, but potentially catastrophic risk of underinsurance. The guide helps to highlight to people and business the importance of undertaking regular valuations. As well as examining the valuation of different types of property it also flags some of the warning signs that underinsurance might be present. We would like to express our thanks to QuestGates for their help in writing this important piece of new guidance.”
Alistair Steward, Director at QuestGates added:
“Getting the sums insured stated correctly at the time of inception of the policy makes the claims process so much easier, avoiding difficult conversations with customers around underinsurance and enabling prompt and full claims settlements. Regular valuations are like having a regular health check and help cement a long term and healthy relationship between brokers and their customers.”
Content provided by The British Insurance Brokers’ Association (BIBA).