To help you understand the importance of having the right amount of insurance (and what the implications are if you don’t), here is a quick guide to underinsurance in the commercial market from one of the leading UK insurers; Aviva.
This guide explains the ‘average clause’ and the impact which it has on the way claims are calculated. It also offers examples of cases where businesses had insufficient insurance, and highlights some of the times in the life of a business where the insurance needs might have changed.
Looking at a sample of 383 clients where underinsurance was a problem in 2014, Aviva’s survey team referred 206 commercial property clients for a professional valuation. In the remaining 177 cases, Aviva’s own risk management surveyors found that each client was effectively underinsured, on average, by £486,000.
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