The Implications of Underinsurance
Snapshot
- Underinsurance is an issue that has been exacerbated by rising inflation.
- Outdated valuations may leave businesses underinsured if the cost of repairing or rebuilding their properties and replacing stock exceeds existing coverage limits.
View Webinar Recording
Inflation has impacted many areas of our lives, both personally and professionally. This webinar explores the pressures of inflation, supply chain challenges and the impacts on your insurance program – especially if you are an owner of property, plant, equipment or agreed value vehicles.
The most critical aspect of underinsurance is the provision of accurate declared values to insurers. Whilst the application of underinsurance has long been evident on insurance programs, recent natural catastrophe claims and economic conditions have brought the issue to life, as insurers try to support the rebuilding/replacement of assets. Insurers have reported discrepancies between the actual cost of construction/replacement and the values declared by insureds.
Underinsurance is an important and pressing topic to understand (one that is often misunderstood) as there may be significant impacts to your business if you choose to not take action.
This 20-minute webinar recording explores:
- Underinsurance – what it is and how it is calculated
- Potential impacts of underinsurance on your business, with case studies of real claim impacts
- The importance of valuations
- The actions you can take to avoid impact of underinsurance
