MPM were invited to review the Insurance Covers last week and we uncovered some issues with the arrangements.
The principle errors were: -
Firstly, it became apparent that valuable tooling had not been considered when calculating the sum insured for Machinery, Plant and All other Contents.
Secondly, the key holder arrangements for this company were with a bona fide approved company. The arrangement included the use of an external secure key box which secured to the outside of the premises and this was in direct contravention to the policy cover. Had there been a claim, Insurers would have avoided settlement.
If you are in doubt, please consult with your current advisors. Alternatively, should you require an independent review or advice please do not hesitate to make contact at ian.shepherd@mpm-insurance.co.uk
I look forward to hearing from you.
Ian Shepherd – Managing Director