Morgan Clark News
2012: bumper year for insurance claims
2012 will be a bumper year for insurance claims, according to recent research. It’s going to be a year full of events which will almost certainly cause a surge in claims on household insurance.
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Warehouse fire underlines need for business interruption insurance
A recent devastating fire has illustrated the need for good business continuity planning, and in particular loss of profits insurance. Without business interruption insurance, the company at the centre of the blaze could have ceased trading permanently.
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DIY leads to home insurance claims
DIY home improvement projects are leading to an increase in home insurance claims. But one insurance aggregator has warned that some insurance policies stipulate only professionally accredited tradesmen should carry out certain work.
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Prompter pay-out on insurance claims needed
Insurance companies should pay out more promptly on insurance claims, and should compensate claimants when this doesn’t happen. A change in legislation has been called for to overcome unreasonable delays in paying a valid claim.
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Energy prices add to risk of home insurance claims
Energy prices are soaring – and this is placing homes at risk of burst pipes. According to one survey, families across the country are arguing about when they should put the heating on.
Landlords’ insurance claims: tell tenants how to turn off the water
As autumn gives way to winter, we all recall the big freeze of last year and the huge rise in burst pipes. Many of these were in rented accommodation, exacerbated by tenants not knowing how to turn off the water supply.
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Avoid insurance claims: simple precautions to protect your home
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Avoid soaring buildings insurance costs
There have been numerous reports recently about the soaring cost of buildings insurance premiums. But help is at hand: according to one website, there are several steps you can take to minimise the impact of rising prices on your family’s budget.
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Ensure business interruption cover is sufficient
A leading European business interruption specialist has warned that many companies may not have sufficient insurance cover. In particular, greater care must be taken in calculating the specific costs the organisation could face if they – or their suppliers – are unable to trade.
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Avoid unwanted animal visitors
Winter is approaching, and we’re all going to spend more time indoors. But we may not be alone: rodents and other vermin are also more inclined to try to get inside our homes. This can inflict serious damage – but is this covered by your household insurance?
Subsidence: are you covered?
A property owner recently discovered how home insurance can be a minefield as far as subsidence is concerned. Her insurance company has refused to pay out on her claim, as it believes she failed to disclose vital details when she took out the policy.
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Leisure industry vulnerable to cyber attacks
Cyber attacks are on the increase, and the leisure and hospitality industry is the chief target, according to one insurance broker. And it warns that this is only likely to increase as hackers become more sophisticated.
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Is your gold and silver under-insured?
The value of gold and silver has risen dramatically over the last decade. As a result, many householders may not have sufficient insurance cover when it comes to making a claim.
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Back to business after the riots
The recent civil disturbances across the UK had a severe effect on many businesses. One local authority called on Morgan Clark to help those affected get back on their feet.
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Students: are they worth it?
An expert has warned that letting property to students may not be as good as it seems. They may offer the greatest rental yield, but there could be a significant downside.
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Remember outside as well as inside
Most homeowners go to great trouble to ensure the inside of their home is fully covered by insurance, but they forget about the outside. Recent research has shown that too many of us are not covered for the contents of the garden.
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Reporting crimes
More than five million people have not reported a crime in case it drives away potential buyers or tenants for their property, according to recent research. But this could have a severe impact on the success of a home insurance claim.
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Avoid ‘woodpecker’ excesses
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Are you covered for working from home?
The economic down-turn has encouraged a growing number of people to start their own businesses, and many of these are set up in their own home. But all too often they don’t appreciate the effect this has on their standard home policy and are ignoring the need to take out specific business insurance.
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Homes at increased risk of subsidence
The recent wet weather may not overcome some of the effects of the record-breaking dry Spring. In particular, there are predictions of huge increases in claims for subsidence, which has led to some insurers refusing to insure properties with pre-existing conditions.
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Warning over Olympic rentals
With the current scramble for Olympic tickets, some successful applicants will also be looking for somewhere to stay during the 2012 London Games. A specialist insurer for the residential lettings market is warning landlords that their insurance cover could be invalidated if their tenants sublet.
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Create the perfect rental property inventory
Landlords’ inventories are not just vital to cover unreasonable damage caused during a tenancy: they are also critical if your property is damaged by fire or flood. But what makes the perfect rental property inventory?
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New insurance law would help consumers
A proposed change to insurance laws would make them much fairer for consumers. The new law would put the onus on insurers to ask the right questions rather than requiring consumers to volunteer the right information when taking out an insurance policy.
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Cyber insurance set to rise
It’s not just celebrities who are affected by the growth of cyber space. A leading underwriting agency has predicted that the risk of cyber-related crime is growing to such an extent that it will soon overtake more conventional business risks.
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Beware social media holiday postings
More and more of us are using social networking sites such as Facebook and Twitter to tell friends and family what we’re up to. And the growing availability of wifi connections in hotels and resorts means we’re all updating our accounts more frequently while away. But remember that this can also expose you to people who have a more sinister interest in your online posts.
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SMEs feel more at risk from crime
Over a third of smaller businesses believe they are more likely to be the victim of burglary since the start of the financial downturn, according to recent research. This also revealed that there is considerable concern in the sector over e-risks and cyber crime.
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Holiday homes: are you covered?
With the holiday season approaching, many people with second homes will be welcoming holidaymakers into their properties. But they could be unwittingly flouting the law by not taking out appropriate insurance cover.
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Too many false alarms
The vast majority of signals from automatic fire alarms are not caused by real fires. As a result, they tie up fire engines which could be attending real emergencies. They also cause huge disruption to businesses, affecting efficiency, profitability and service levels.
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Flooding: be prepared
Flooding is on the increase, and it’s now estimated that over five million people in England and Wales now live or work in properties which are at risk of flooding from rivers or the sea. There is some very useful information available to help you protect your property, and to advise you what to do should the worst happen.
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Why weddings are cancelled
The Royal Wedding has gone without a hitch – even the promised rain kept away. But for many others, there are a number of different reasons why they have to cancel at the last minute. One UK insurer has published a list of the Top Ten Reasons why couples claim on their wedding cancellation insurance – and these very much reflect the tough economic times we live in.
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Make your workplace safer
If you are an employer, you must comply with fire safety law. In particular, you must ensure that you – and all your staff – know what to do to prevent a fire in the workplace, and how to escape if a fire does break out.
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Don’t let Royal Wedding street parties lead to disaster
The Royal Wedding is approaching fast, and many communities are putting final plans in place to celebrate together. But insurers have issued a gloomy warning which could take the shine off a street party.
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Protect empty property
Against the backdrop of a tough economic climate, the number of empty retail units, business premises and houses is on the rise. So advice has been issued by insurers for landlords to take action to protect unoccupied properties.
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Homeowners warned about under-insurance
A leading UK insurer has issued warnings to homeowners about under-insurance. It estimates that 65 per cent of home contents insurance holders only estimate rather than accurately calculate the true value of their possessions – leaving them under-protected.
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Businesses at risk from inadequate insurance
Businesses could be at risk because they have inadequate insurance cover, according to a recent report. In addition, there are major deficiencies in how commercial insurance is arranged and a lack of understanding of how claims are processed.
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Taking away the stress of a complicated business claim
When a fire strikes a business, it’s hard enough just to keep operations going. Making a complicated insurance claim adds another level of stress. One dental practice’s experience shows how using an experienced firm of loss assessors can take away this burden and ensure a successful settlement.
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Cheap home insurance: a false economy?
Taking out cheaper home insurance is a huge temptation – but it may also give a lower level of cover. This could have a significant impact if disaster strikes and you need to make a claim.
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Rise in claims against businesses
The British are now far more likely to make an insurance claim against a business, according to one UK insurer. The risk of being subject to a claim is higher for trades who have direct contact with the public, such as plumbers, electricians and carpenters. So it is vital for them to have the protection of a public liability policy.
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Claims are getting tougher
Insurers are becoming much tougher about approving and paying out on claims, according to recent research. This makes it even more advisable to use an experienced and professional loss assessor to handle your claim.
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Has your burst pipe claim stalled?
It’s now several weeks since the recent freezing weather caused burst pipes in businesses across the UK. If you are making an insurance claim as a result, then there are certain things which should have happened by now. A useful Guide will help you to decide if your claim is – or isn’t – progressing satisfactorily.
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Check for hidden leaks
The recent extreme winter weather may have caused more damage than you realise, according to one UK utility company. It’s advising householders to check for ‘sneaky leaks’ around their property.
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Cover for unpaid rent
Insurance policies which are specifically designed for landlords are often very similar to standard home policies. One area where they differ however is that they will also include provision for ‘loss of rent’. But landlords should be aware that this does not provide cover if your tenant defaults.
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Electrical Fire Safety
The first ever Electrical Fire Safety Week highlighted the dangers of overloaded sockets and overheated appliances. With over 60 per cent of all accidental house fires caused by electrical equipment, the campaign outlined the steps individuals can take to protect themselves and their families.
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Long holidays may negate your home insurance
A recent case has highlighted the need to read the small print on your home insurance policy carefully. Many insurance policies stipulate when and for how long you may leave your property empty and, if you contravene this, they may refuse payment.
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Listed buildings: are you fully covered?
There are more than half a million listed buildings in the UK and many are in use as business premises. If a catastrophe such as a fire or flood occurs and more the 40 per cent of the historic fabric has survived, then English Heritage will insist on a full, like-for-like re-instatement. So it’s vital to have appropriate buildings insurance.
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Landlords: remember flood risk
Advice has been issued to landlords to make sure they find out about any flood risks when purchasing a new property. In particular, it doesn’t have to be in an at-risk area to be in danger: independent research has shown more properties are likely to be affected because of rising sea levels.
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Too many claims….too little attention
The recent extreme cold weather has led to a massive rise in the number of insurance claims for burst pipes, and insurance companies are finding it difficult to cope. As a result, they are re-directing claimants’ questions to their websites – and this could seriously affect the likely success of an insurance claim.
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Landlords: are you fully covered?
Buildings insurance is the most popular form of policy purchased by a landlord for a buy-to-let property. But there is other cover which should be considered: in particular Landlord’s Contents Insurance. While there’s no legal obligation to take this out, it could provide vital support if disaster strikes.
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Home insurance at risk as flood defences cut
Vital flood defences are likely to be cut following the recent Comprehensive Spending Review. As a result, insurers are determined to end an agreement under which they will provide flood coverage as standard in home insurance policies in return for boosted government investment to protect at-risk areas against flooding.
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Insurers will get tougher on claims
Fake insurance claims are costing the industry over £800 million a year, according to the Association of British Insurers (ABI). Insurers are intensifying their war against cheats and, as a result, making a claim for a legitimate loss is becoming much more difficult. This makes using a professional loss assessor all the more important and can make the difference in ensuring a genuine claim receives the right settlement.
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Avoid a burst pipe in your business
The recent atrocious weather has led to a spate of burst pipes across the country. It’s not just homes which have been affected – many businesses have been devastated by water cascading through their premises. If your business has escaped, then don’t be complacent: it could happen to you in the future. A handy checklist is available which should help you to prevent burst pipes.
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Don’t tweet that you’re away
Be careful when you post personal details on social networking sites. One national newspaper has reported that insurers are refusing to pay claims if you have your home address on Facebook and then report on Twitter that you’re on holiday.
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Business interruption: it’s not a simple science
If your business suffers a disaster such as a flood or fire, you face a complicated insurance claim. This will cover not just buildings and contents but also business interruption. And getting the level of claim right – particularly in areas such as loss of profits or increased cost of working – is vital to safeguard the future of your business.
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Burst pipe in your business? Read our free guide
Every large snowfall is followed by a big thaw – and the inevitable burst pipes. Businesses are as much at risk as homes and face the added trauma of loss of trade and increased cost of working. A free guide from Morgan Clark can help you through this difficult time.
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Homes may be uninsurable against floods
The Local Government Association (LGA) has warned that recent cuts to flood prevention work may leave millions of householders unable to insure their homes against flooding. With one in six homes in the UK estimated to be at risk, this could be a serious problem.
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Is your business at risk from flooding?
You don’t have to be near a large river or by the sea to be at risk from dangerous flooding. All too often it’s a small stream or surface water which is at the heart of major floods. Businesses must be fully aware of the flooding risk posed to their premises and their business before applying for a business insurance policy.
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It’s winter: check your insurance
Now that the clocks have gone back, it’s getting dark earlier – and this puts your home at greater risk. Last November building insurance claims rose by 52 per cent as a result of incidents such as broken windows and damaged doors, while contents insurance claims were 20 per cent higher than the monthly average.
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Businesses flooded in Cornwall: get our free Guide.
The floods in Cornwall this week have devastated many business premises. Business owners face an extremely difficult time dealing with the aftermath and protecting their business. At the same time they have to make what can be an extremely complicated insurance claim. Help is at hand with Morgan Clark’s in-depth Guide to Making an Insurance Claim: A Flood at your Business Premises.
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Flooded home in Cornwall? Get our free Guide now.
If your home in Cornwall has been flooded, you face a difficult time. It’s hard enough to get your life back on track in the aftermath of such a terrible disaster. On top of that, you now also face the demanding task of making a complicated insurance claim. But help is at hand with Morgan Clark’s step-by-step Guide which will take you through everything you need to do to make your claim accurately and to ensure your property is restored correctly.
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Cockermouth flood damage highlights consequential losses
With the first anniversary of the Cockermouth flooding at the end of the week, it’s a good moment to consider the devastating effect a flood can have on a business. Many businesses in and around the town were forced to close and some are only just able to open again. So it’s not just short-term trading you have to consider: there is often a serious long-term impact.
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A year on from Cockermouth
As the first anniversary of the devastating Cockermouth flood approaches, some people are still not back in their homes. Using a professional loss assessor to handle a flood insurance claim can cut the time you are out of your home by months, as well as ensuring your house is restored correctly.
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Do you know what’s in your home?
If your home is damaged by fire or flood, or if you are burgled, then the first thing your insurer will want is an inventory of the items you have lost. But how many of us know exactly what we have in our home?
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Don’t waste valuable management time
If your business has been hit by a disaster such as a fire or flood, you face huge disruption. A Sussex-based engineering company became increasingly concerned because valuable management time was being diverted into making a complicated flood insurance claim. By handing over the claim to Morgan Clark, senior staff could focus on ensuring the business survived – and a far higher settlement was achieved.
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Professional help prevents damaging losses
As winter approaches, the danger of flooding increases. If the worst happens and your business is flooded, then the experience of one company might reassure you that this disaster can be overcome. By turning to Morgan Clark, they were able to resume trading quickly, agree a very favourable settlement for loss of turnover, and face the future with a stronger business model.
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Long holiday? Check your home insurance
If you’re going away on a long holiday, you should check the small print on your home insurance policy to make sure you are still covered. Some policies only offer existing cover on properties which are unoccupied for a maximum of 30 days, while others limit it to 60.
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Building insurance disputes on the rise
One in five of complaints received by the Financial Ombudsman are about buildings insurance. In 2009, 3,437 complaints about buildings insurance were received, with 43 per cent of cases upheld in favour of the consumer.
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Make sure you’re not under-insured
If you suffer a fire in your business premises and you’re under-insured , then you could face severe difficulties with your insurance claim. One businessman in Hampshire whose restaurants and flats were gutted by fire discovered he did not have sufficient insurance to cover his losses. It was only by bringing in Morgan Clark to manage his claim that he was able to find a satisfactory conclusion to an extremely complex insurance claim.
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Morgan Clark helps businesses survive
Engaging Morgan Clark to negotiate your insurance claim could save your business. This was the experience of one London-based consultancy after it suffered a loss of vital data. The consultancy’s Managing Director is convinced that, without Morgan Clark’s professional help, the business would not have survived.
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It’s getting harder to claim
It’s getting harder to achieve a fair insurance settlement, according a recent survey. Results from research carried out show that insurers are ‘tightening their belts with stricter interpretations of policy wordings’.
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How long is your indemnity period?
Businesses face significant financial risk if they do not have a sufficient indemnity period for business interruption. Morgan Clark, one of the UK’s leading loss assessors, recommends that businesses take out two-year indemnity cover: this will give enough time to restore the business to the levels it would have reached if the disaster had not occurred.
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Loss adjusters and loss assessors – who’s who?
You face a lot of confusion if you’ve suffered a disaster in your home and need to make an insurance claim. One area which is difficult to fathom is who does what and why – and in particular what is the difference between a loss adjuster and a loss assessor. Here’s a simple explanation to help you:
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Mitigate your business losses
Businesses face further liabilities in the aftermath of a flood or fire if they fail to mitigate their loss. Too many suffer financially by failing to secure their property from further damage or from theft or vandalism, and may fall foul of the terms of their insurance policy.
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Be ready for an insurance claim
If disaster strikes and you need to make an insurance claim, the sooner you start the process, the quicker you can start to get your life back on track. Here are a few simple ideas that will help you to kick-start your insurance claim:
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Effects of flooding are long term
Recent heavy rain has brought back memories of the flash floods which devastated areas of the UK recently. If your business premises have been flooded, it’s not just a case of waiting until the waters recede and then business can return to normal.
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Beat your neighbours back indoors
As autumn starts to make itself felt, with torrential rains falling in parts of the country, the risk of flooding is back. If the worst happens and your home is flooded, then using an insurance assessor or loss assessor will enable you to move back into your house more quickly following a flood. It’s been estimated that using a professional claims handler for your insurance claim can cut the time you are out of your property by months, while also ensuring your house is properly restored.
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Don’t forget the small print
Don’t ignore the small print on a commercial insurance policy, and review it regularly to ensure you still comply with all your policy’s terms. This is the advice of leading loss assessors Morgan Clark, who have seen many companies suffer financially from this oversight.
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Turn a disaster into an opportunity
How can you turn a disaster into an opportunity in the wake of a fire or flood? One couple whose lives were devastated by a fire in their home have achieved this with the help of loss assessors Morgan Clark. They took the opportunity to make long-awaited alterations or extensions to their home which were carried out more economically as part of the overall re-instatement of their property.
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Risks from reducing insurance cover in a recession
The British Insurance Brokers’ Association (BIBA) has issued warnings about the dangers if businesses reduce their insurance cover during the recession as a way of cutting costs. They have quite rightly pointed out that this can pose a significant financial risk if disaster should strike.
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Most of us assume that we’re well insured
Most of us assume that we’re well insured and that there’ll be no problem when it comes to claiming what we believe to be the full amount of the loss or damage we may suffer.
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