Why premiums are increasing- property inflation and how to set sums insured correctly to account for inflation

This presentation looks at the major issue of under insurance in the UK property market and how to help your clients avoid the under-insurance trap. Under insurance has been made considerably worse with UK inflation going into double digits and this webinar explores where inflation is heading next. One of the problems is that the figures on the client’s balance sheet are not the same as those required for insurance purposes and Alan will point out the differences so that clients can be warned.

The presentation, delivered by Alan Chandler one of the UK's most popular insurance presenters, will look at what clients actually need to take into account when settling buildings, contents and stock sums insured. Alan will explore why under insurance is so common, the effects and problems of under insurance for the client, which in turn is becoming an increasing cause of professional indemnity claims against brokers. One thing is for sure, in the event of a claim requiring a loss adjuster the sums insured will be checked thoroughly, and it will be too late at that point for the client.

Learning Objectives

Delegates will be able to:

• Understand what needs to be taken into account in respect of Buildings, Contents and Stock Sums Insured and the impact inflation has had on these figures.
• Understand why there is a difference between the figures for accounting purposes and the figures for insurance purposes.
• Understand the effects of under insurance for clients and how to aid them in mitigating their exposure to under insurance.