Indeed, research from the Royal Institution of Chartered Surveyors revealed that as many as 80 per cent of UK organisations are thought to be underinsured.
Don’t let your organisation suffer the severe consequences of underinsurance in the event of a disaster.
Review these top indicators of underinsurance to ensure robust cover:
1) Incorrect valuation — Many organisations incorrectly value their property due to a variety of reasons (e.g. not conducting regular value reviews, not updating value after alterations or extensions, misunderstanding the difference between rebuild cost versus market value and not factoring in costs such as car parks, gates or paving), thus generating inadequate sums insured.
Please don't hesitate to contact us if you have any questions on underinsurance.
The content of this Profile is of general interest and is not intended to apply to specific circumstances. It does not purport to be a comprehensive analysis of all matters relevant to its subject matter. The content should not, therefore, be regarded as constituting legal advice and not be relied upon as such. In relation to any particular problem which they may have, readers are advised to seek specific advice. Further, the law may have changed since first publication and the reader is cautioned accordingly. © 2019 Zywave, Inc. All rights reserved.