We recently assisted a firm of engineers in a review of their insurance arrangements and highlighted the following glaring deficiencies and errors that the previous broker had made: -
ÂMachinery Plant & All Other Contents had a second hand value of £388,000 when the policy provided new for old cover. The sum insured was raised to £851,000 to reflect new for old values.
ÂTheft and Damage arising from Theft cover was omitted from the policy cover
ÂBusiness Interruption cover was not insured in an attempt to Âsave premiumÂ
ÂThe Policy excluded liability arising from a product failing to perform it intended function
ItÂs disappointing when we hear companies advise that they are not aware of the pitfalls and ramifications of under insurance. i.e. How Insurers would penalise them in the event of a claim.
It's especially disappointing when we hear customers consciously make a decision to Âcut cover in an effort to save on their premium!
After our involvement we presented the client with an Insurance solution from a respected "A" rated Insurer which also corrected the above errors and included vital cover for Business Interruption. Not only that but we also achieved a significant premium saving to the delight of the customer.
Premium prior and on wrong basis £7,600 (Rounded)
Premium after and on correct basis £5,210 (Rounded)
Percentage saving 31%
Why Choose MPM?
ÂWe are specialist Commercial Insurance Brokers who understand your business
ÂYou will receive personal service from experienced staff dedicated to you
ÂYou will also receive a bespoke insurance solution fit for purpose
ÂWe will undertake a comprehensive review and provide cover that meets your requirements
If you feel that you would benefit from a free and independent review of your Insurance covers please get in touch regardless of when you fall due for renewal.
Contact details
madeinthemidlands@mpm-insurance.co.uk
Ian Shepherd
Managing Director
MPM Insurance Services Ltd
Coleshill House,
1 Station Road,
Coleshill,
Birmingham,
B46 1HT
Tel: 01675 461 600
