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Avoiding Under Insurance

August 7, 2017 1:41 pm

It’s generally a pleasant surprise when you find out that something you own is worth more than you thought. Like finding out that your stock of copper has increased in value or that you own more tools than you realised. In most cases, this is a good thing, but if you need to make an insurance claim and have accidentally under-insured your business, it could be disastrous. Under-insurance is an increasing problem and can have devastating consequences. In the worst case, it can result in more premium being charged, different policy terms applied or a reduction in the claim payment....