Glossary Term

What is underinsurance?

Underinsurance occurs in buildings insurance when the property value you stated when you took out your policy (your property’s “sum insured”) is lower than its true professional rebuild cost. You can also be underinsured on...

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Article

What does ‘underinsurance’ really mean when you need to make a claim?

Until the day comes that you need to make a major insurance claim, you will probably never worry about the term underinsurance. Sadly though, if you are under-insured and you have to make a claim...

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Article

Working with Insurance Brokers

Partnering with UK Brokers and Insurers Morgan Clark have worked alongside UK Brokers and Insurance companies since 1999, and as a result, have earned a reputation as one of the most highly respected Loss Assessors...

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Glossary Term

What is a policy limit?

In insurance, a policy limit is the maximum amount your insurer will pay out for a covered claim. It represents the cap on your financial protection under the policy. If the cost of repairing or...

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Glossary Term

What is rebuild cost in insurance?

Rebuild cost is the amount of money it would take to completely rebuild your home from the ground up if it were destroyed, for example, by a fire, flood, or explosion. It includes: It does...

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Glossary Term

What is declared value in property insurance?

Declared value is the amount you tell your insurer a building is worth when setting up a property insurance policy. It typically refers to the full cost of rebuilding the property from scratch – including...

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Glossary Term

What is Value at Risk (VaR) in insurance?

Value at Risk (VaR) refers to the total value of the property or assets that are insured, essentially, what’s financially at stake if a major loss occurs. It helps insurers and policyholders understand the scale...

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Page

Working with Insurance Brokers

Working with Insurance Brokers Morgan Clark have worked alongside UK Brokers and insurance companies since 1999, and as a result, have earned a reputation as one of the most highly respected Loss Assessors in the...

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Case Study

Underinsurance issues overcome by Morgan Clark following fire damage in thatched cottage

Mr and Mrs Hampshire suffered a fire at their thatched cottage, which started in the middle of the night when the family were asleep. The accidental fire was caused by a lighter being ignited, which...

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Case Study

Underinsurance on a property fire claim: A settlement increase of over £62,000

Mr Schroder experienced a fire at his home in Somerset and the thatched property suffered extensive damage. Mr Schroder faced underinsurance of 66%, which the Insurers proposed applying to the settlement of the claim based...

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