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Aviva takes a hit at underinsurance

Published: 12/10/2016

We frequently discuss the perils of underinsurance in this newsletter, so it's good to see that insurers are looking at what they can do to counteract these reoccurring issues that cause problems to policy holders.

Aviva tells us that they are making changes to their commercial products so that clients can “have a comprehensive policy which takes care of business and provides the level of cover they expect. We want our SME customers to be confident that should the worst happen they have the right level of cover in place to continue trading.”

With this in mind Aviva has introduced a number of enhancements to their Pub, Restaurant & Hotel product. Changes include:

Combined sums insured for stock, contents and tenants' improvements to create one overall property sums insured. This means – if for example an insured hotel is a victim of theft and what they lose is more than the amount of cover for contents alone, then Aviva will pay up to the overall combined sums insured in order to pay the claim.

They have increased the overall property sum insured by 20%, with a minimum of £25,000. This means – if a hotel floods and refurbishment to the ballroom costs more than the tenant's improvements sums insured, the client can still claim without any hassle.

They've removed averages from the policy. This means if the cost of a flood is higher than sum insured then they will pay out up to the overall sum insured, without any reduction for underinsurance.

Increased business interruption to 36 months. This is a very welcome change and means – more valuable time and money to help get our fictional hotel back up and running to start welcoming guests again, following the flood.

Increased public and products liability cover to £5m. This means - if for example there was a food poisoning outbreak at our same hotel, the proprietor could be reassured that sufficient levels of cover are already in place to deal with it.

Whilst we welcome these policy enhancements Flint would like to remind commercial clients that whether we are looking at policy renewal or reviewing a particular risk for the first time we always consider a range of policies/insurers to ensure the best possible cover on which to base our recommendations.

If you want to discuss any aspect of your insurance or risk management please call our Commercial Team on 020 8309 5000.

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