Leading local Insurance specialist company Munro Greenhalgh is the leading team of Independent Insurance Brokers who take care of the best interests of their clients in the private and commercial sectors.
Munro Greenhalgh wish to warn people about lack of awareness when they receive updates from Insurers and Social Media etc., the message will include a large list of Terms and Conditions – that too many people will ignore!
To improve efficiency a lot of Insurers are now using the same strategy which means that included is a list of assumptions either at the beginning or the end with a little box to be ticked in confirmation.
It is vital that people read the T’s and C’s in all business documents especially regarding renewal of their Insurance policies!
Assuming that T’s and C’s are just jargon may be a costly mistake! Never assume! Problems can arise in Business Insurance and the assumptions relating to past business history, with some of the best-known insurers at that.
Most people would think that Insurers only ask about the most recent 5 years of their business history. Aviva ask for 10 years! In addition they also ask about family members involved in the business, or any other business, what does that mean – do they expect people to know about and disclose personal information relevant or not?
There is no time limit for criminal convictions, insurance companies expect applicants to supply accurate and correct information.
Aviva will be sympathetic in cases where convictions are older than 5 years, but they must be declared! Most of us will understand why this information is necessary, criminal convictions, insurances cancelled etc but what does insolvency and past issues mean in terms of Business Insurance.
Axa only want to know about the last 6 years on their online products such as Tradesman, Shops, Offices, Professional Indemnity etc and there is zero flexibility, they will decline!
The best way forward is to be open and honest. Work with Munro Greenhalgh as they have access to vast experience and knowledge of the insurance sector. Insurance providers do listen to brokers about their clients and their needs, lessons learned etc.
Do you need to insure your business but are struggling because of your past history? Contact Munro Greenhalgh today!
Member since: 10th July 2012
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