Context
The British Insurance Brokers’ Association (BIBA) and loss adjuster QuestGates have published a guide to valuations for insurance brokers to use with their customers.
Key points to note
- This valuation guide has been launched to help customers with the problem of underinsurance and for use as a training tool
- The underinsurance issue worsened during the COVID pandemic, with the Chartered Institute of Loss Adjusters reporting that over 40% of all commercial claims exhibit some degree of underinsurance, and this is now compounded by soaring inflation
- Alastair Blundell BIBA’s Head of General Insurance said: “Brokers are not valuers but are often trusted risk advisers and can help their customers guard against the unseen, but potentially catastrophic risk of underinsurance. The guide helps to highlight to people and business the importance of undertaking regular valuations. As well as examining the valuation of different types of property it also flags some of the warning signs that underinsurance might be present. We would like to express our thanks to QuestGates for their help in writing this important piece of new guidance.”
Next actions
None – for information and awareness.