Commercial Insurance from your Made in the Midlands Insurance Broker
Since we last wrote to you on the 17th February 2012, we have received a number of enquiries and we are pleased to give you some examples of how a review by MPM has benefitted those companies.
In each instance, the customer was not aware of the issues until we pointed them out during the review. Each isssue was rectified by our quote together with a premium saving. One company saved in excess of 50%!
- A manufacturer had an exclusion of “efficacy” (failure to perform) within the policy which removed an important area of product liability insurance.
- One company maintained their own alarm system as they had the expertise to do so. This was in breach of an alarm warranty that would have allowed insurers to avoid all theft claims.
- Various conditions/exclusions required attention. One exclusion on a policy excluded losses if the policyholder stored gas cylinders on the premises despite these being used for fork trucks!
- Various sums insured for Tooling and Machinery and plant were noted to be out of step with requirements leaving an exposure for underinsurance. A premium saving was still acheieved.
We can’t stress how important it is to thoroughly review your Insurance policies. 18 months ago we were engaged by a firm of metal finishers and pointed out two major areas of concern.
1. The existing policy excluded overnight processes including but not limited to timers for tanks.
2. A totally inadequate Business Interruption sum insured.
Following a review undertaken by MPM these were highlighted and corrected. It was approximately 6 months later when the company suffered a major fire from a pre heated tank. Insurers paid £1.1m to the policyholder and the business is now thriving at a new premises. Without the measures implemented by our review that business would not be around today.
If you feel that a review from MPM would be of benefit please do not hesitate to contact us.
Ian Shepherd
Managing Director