The FT has reported on Mactavish’s evidence issued to the Law Commission and HM Treasury, which suggests that 45% of businesses’ strategically significant insurance claims are disputed by the insurer with an average settlement time of just under 3 years.
How your claims are handled should be very important to you when choosing an insurance provider, as it is one of the few times that you may interact with an insurer. In February 2014, during the prolonged spells of rain, the Environment Agency decided to divert a stream through an underpass, away from the local water treatment works which was under threat of being flooded. If this had not happened it was very likely that supply from the waterworks would have been contaminated.
Our client’s managing agent advised us that, due to the diversion, many properties were now under threat of being flooded instead. Within a couple of hours our claims handler arranged with our client’s insurer for pumps to be installed in their property, which helped to minimise the water damage.
If we had not intervened at this point, and the insurer had simply waited for the premises to be damaged, the claim would have been two or three times larger. In addition, the client would have suffered further delays in carrying out repairs to the property. Not all insurance providers are the same so it’s wise to choose one that will “watch your back”.
If you need your insurance provider to be there for you from day one, contact us by calling 0845 688 9088.
Categories: Commercial Insurance
I joined Sutton Winson in 2011 and I am heading the Commercial Claims team based in our Twickenham Office. Previously I held senior management positions for a number of insurers, in both the live and run-off markets.
I have specific expertise in dealing with large and complex claims and have successfully managed a number of high profile cases using either the alternative dispute resolution or litigation process.
I hold the Chartered Insurance Institute Certificate (Cert CII) and I'm a Certificate Member of The Chartered Institute of Loss Adjusters.