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FCA Claims Review – the Flint response

Published: 21/02/14

This newsletter has, since its inception, looked to inform you, our commercial clients, about the importance of seeking the correct insurance for your business needs. Similarly the problem of underinsurance (heavily featured in the review) as a subject has been covered several times, as well as specific articles on how claims handling informs insurance buying.

However, we understand that on-going communication with our clients, in all its forms, is vital to the role of the insurance broker. Coming editions of this newsletter will continue to focus on: Making Insurance Clearer for SMEs and Larger Businesses.

Insurance is essential
In personal and professional life we all have to accept that we live in a litigious society. Insurance planning, business protection and risk management are arguably as important as fulfilling the accounts.

If something goes wrong – it will take money away from your business and depending on the size of the problem, this ultimately decides whether you continue to trade or not.

Working in partnership
An insurance policy is more than a simple agreement between you and your insurer. It is a legally binding contract, with conditions and clauses, which both parties must adhere to. As your insurance broker, we are also part of that agreement. Our professional advice, based on what you have told us, helps to draw up that contract. In the event of a claim we liaise between client and insurer to make sure that insurance contract performs as it should.

Flint works in partnership with insurers, but ultimately are the advocate of our clients.

Underinsurance
To recap, the FCA claims review found that some SMEs were unhappy about how their insurance had performed, because in 21% of claims the sums insured were inadequate to cover the losses suffered by the policy holder. Worse still, in some of these cases, the amount of cover purchased was below 50% of the actual loss. However it is worth noting that on this point the FCA says:

“The underlying reason for this was not always apparent…”

Obviously it’s difficult to speculate on these findings, but in our experience, underinsurance occurs because business owners unwittingly underestimate their assets or they actively look to reduce their insurance premiums by taking less cover.

The UK’s slow economic recovery has undoubtedly put stress on many businesses, but this does not mean that you can afford to underinsure your business assets or take risks when protecting them.

As your insurance broker, Flint’s professional input is about giving our commercial clients the best possible advice at all times and throughout the life of your policy.

What you get from us is advised sales, meaning that we help with insurance planning; selecting the best cover for your business needs and tailoring it to fit your disaster recovery protocol.

Your insurance policy should be regarded with the same gravitas as any other legal document or contract that would in most other circumstances be drawn up by a solicitor.

Flint’s insurance advisers are professionals who have already trained to achieve industry accreditation in the form of the Certificate in Insurance from the Chartered Insurance Institute or be working towards it.

When you buy a policy with Flint, it must be completely water tight and do what it is designed to – protect your business. Let’s work together to ensure that this always happens. And if there is every any point on your policy that you don’t fully understand – then please talk to us.

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