The Perils of Underinsurance

“Up to 80% of properties are under-insured and 40% of businesses lack adequate business interruption cover”* *Business Cost Information Service and Chartered Institute of Loss Adjusters Committees often approach us because they are worried that the sum insured on the buildings of the hall might not be sufficient to rebuild the premises if they were to be damaged by an insured event – a fire or a flood, for example. The Financial Conduct Authority have made under-insurance a major focus in 2017. They carried out a thematic review recently and discovered that, of the claims analysed, 22% of sums insured proved to be inadequate. In some cases the sums insured were less than 50% of the actual

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34a Hiltingbury Road, Chandler's Ford, Eastleigh, SO53 5SS

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