Underinsurance & Average
Synopsis:
Underinsurance remains one of the most significant and costly issues facing businesses today, with rising construction costs, inflation and changing business exposures leaving many organisations unknowingly underinsured. When a claim occurs, the application of average can result in substantial reductions in claim payments, often leading to difficult conversations, dissatisfied clients and potential allegations against their insurance broker. This practical and engaging webinar will explore how underinsurance occurs, why average is applied, the common warning signs brokers should be looking for, and the steps you can take to help clients achieve adequate protection. We'll also examine the broker's professional responsibilities, potential E&O exposures, and the documentation and advisory practices that can help demonstrate good broking practice and reduce risk. Whether you are client-facing, involved in renewals or responsible for managing insurance programmes, this session will provide valuable insights and practical tools that you can immediately apply in your day-to-day role.
Learning Objectives
By the end of this 60-minute webinar, attendees will be able to:
- Clearly explain the principle of underinsurance and how the condition of average is applied in claims.
- Identify the most common causes of underinsurance within commercial insurance programmes.
- Recognise key client behaviours and market factors that increase the risk of underinsurance.
- Understand the broker’s responsibilities, including potential Errors & Omissions (E&O) exposures.
- Apply practical strategies to help clients achieve and maintain accurate sums insured.
- Demonstrate a structured, defensible advisory approach that evidences good broking practice.
Bio:
Neil Grimshaw BA(Hons) FCII is a Chartered insurance broker with 30 years experience in broking. Being a chartered practitioner and leader of high performing teams throughout his career has allowed him a unique insight into technical excellence and business development. Grimshaw has been involved with the British Insurance Brokers Association at regional and national level over the last 15 years, he is also a technical author writing study texts for the Chartered Insurance Institute. Passionate about developing people at all levels in the industry, he now focusses on passing on that experience through training and development through his business Goldcrest Hope Ltd
Venue
Link for access will be sent with booking confirmation
CII Accredited
