Despite what some people may think, insurers do want to settle claims fairly and therefore keep clients happy. However, the following list highlights 10 things you should do to help ensure your claim is NOT settled quickly and in full!

  1. Don’t notify your claim promptly. In some cases, this can increase the cost of the claim or prevent your insurer from making a recovery from someone else e.g. a negligent contractor, supplier or other driver. It may also mean they are unable to work within “fast-track” court systems.

  2. Don’t insure for the full rebuilding or replacement costs of your property and contents. For example, if your buildings are insured for £500,000 and the correct rebuilding cost would be £1,000,000, then a claim you submit for damage costing £30,000 to repair, might only be settled for £15,000.

  3. If you have a security condition on your policy (and most do), don’t fit appropriate locks and alarms and/or forget to lock all appropriate doors and windows and/or don’t set the alarm. Depending on the policy, such action can mean having to pay a larger excess or even having the claim totally declined.

  4. If you have a waste warranty on your policy, don’t clear up waste as required and never store it in appropriate bins as required.  Better still, leave rubbish against the outside wall of the building so that it can be set alight.

  5. Forget to declare convictions or motoring accidents.  Your insurers will always appreciate it if you forget to declare these. But hey, why do you need to tell them? It makes your policy cheaper for you doesn’t it? That is until of course, your insurers find out.

  6. Forget to tell your insurer about changes to your business activities or manufacturing processes.  Storing flammable liquids for that new spray booth won’t increase the risk of a fire will it?

  7. Don’t declare medical conditions to your travel insurer. After all they won’t check your medical records if you have to cancel my holiday will they?  And if you’re on holiday, medical costs aren’t that expensive.  Most insurers need to be notified of medical conditions when taking out a policy, when booking further trips and again if the condition changes prior to departure.

  8. Leave your keys in or on the vehicle when you leave it. Thieves don’t really hang around the streets on icy mornings waiting for you to leave the car to warm while you pop back in the house for the de-icer.  And the chances of someone jumping in the car while you go to pay for petrol are so remote.

  9. Fail to keep evidence of purchase or ownership. If an item of plant or some contents are stolen, the insurer will normally expect to see the original purchase receipt, invoice or other evidence e.g. an instruction manual or photograph.

  10. Fail to keep your property in good condition or to maintain equipment correctly. This can increase the risk of damage or the subsequent cost of repair.

If you would like to talk to a broker who can help you to avoid these pitfalls, then please call 01527 306 041 or enter your details HERE and we will contact you.