Insurance Audit

You may think that your business and assets are already fully insured and that you have been insured for many years now. But, have you ever wondered whether you will actually be able to claim on that insurance cover in the event of unexpected losses due to a fire, flood, burglary, explosion or any such insurable event.

Working with our technical insurance partners, we have found that although many businesses claim to be fully insured, there have been costly instances where the insurance policy did not cover events that are common to their business operations. At times, the policy wordings were not comprehensive enough to ensure that you get full compensation for losses when you make a claim. Your insurance cover is either effective or it is defective. There is no second chance once a claim event occurs. Our experience reveals that many insurance policies are defective. Many do not read or perhaps do not understand the technical and legal jargon used in most policies. There is over-dependence on their insurance intermediaries to ensure that everything has been considered and the insurance purchased would presumably be able to cover any possible claims.

In many instances the reverse is true. This happens where you over-insure and in such cases you buy insurance on perils you do not need. For example buying flood insurance coverage for all units in your condominium when most of your units are situated in the upper floors where you will never possibly face any sort of flood damage. This would mean wasting much needed financial resources simply because many individuals and companies do not actually read the insurance policies and terms where the language and terminology used can be quite daunting and confusing for the uninitiated. Here too an independent adviser who is not compensated by insurance sales can be very useful in saving you money.

Click on the link below to view a table for some real examples of defective policies uncovered by our technical insurance experts and the implications are very costly.

Summary of Defects in Insurance Coverage.

Inaccurate description of assets to be insured, wrong classes of insurance purchased, too many exclusion clauses leading to severe loss exposure on needed insurance etc. We have uncovered many glaring examples of under-insurance, over-insurance and also wrong insurance coverage and also cases where high premiums paid did not result in optimal and needed insurance coverage. This is to be expected where much of the insurance information you obtain comes from insurance sales agents who are compensated much more when the premium payable is higher.

We highly recommend that you contact us to carry out an independent insurance audit of the policies covering your company and its assets to prevent costly denial of claim surprises or over insurance thereby wasting your much needed financial resources. JMBs/Management Corporations of high rise buildings should also conduct independent insurace audits to ensure they fulfill their legal role to ensure insurance coverage of their buildings and assets are proper and that there should not be any over or under insurance.

For a reasonable fee, our qualified insurance practitioners will provide you with a written report of your current insurance protection condition and make detailed recommendations of necessary actions you need to take. We can also refer you to insurance companies who can provide you policies without any sales commissions thereby saving you money but have optimum converage!