Identifying underinsurance risks on Fast Trade

‘We’re continuing to enhance your digital product journeys on Fast Trade, which is why we’ve brought the same underinsurance flag that we delivered on Property Owners to Shop and Salon, Office and Surgery and Commercial Combined. 
 

Effective 24 July 2023, for Shop and Salon and Office and Surgery and effective 7 August 2023 for Commercial Combined, the underinsurance check will run across new business, renewals and mid-term adjustments (MTAs). These additions to the underinsurance check on Fast Trade now complete our core product range - driving better customer outcomes for you and your clients.’

With the risk of underinsurance being compounded by global events, ongoing impacts of Brexit, Covid-19 and rising inflation, it's important that your clients review their sums insured more regularly. During such a period of volatility, indexation may have little to no effect if the limit was set incorrectly at day one.

How do I use this tool?

By plugging our Commercial Intelligence Tool (CIT) into Fast Trade, we can now tell you instantly if we believe a Sum Insured is at risk of being too low. If this happens, youʼll see a notification pop up called ʻBuilding Sum Insured – Risk of Underinsuranceʼ, which will do one of two things:

• Recommend a Sum Insured* – if based on our data weʼre confident enough to do so, weʼll indicate a suitable Sum Insured limit for the client.
• Inadequate Sum Insured – when we believe the Sum Insured limit isnʼt adequate, but we donʼt have enough data to recommend a limit, the flag will invite you to download a document at the end of the journey offering your client to undertake a discounted professional desk-based e-Valuation via Barrett Corp & Harrington for £85+ VAT.

What if I don't see a flag?

This doesnʼt mean that your client isnʼt at risk of underinsurance. While it could mean the Sum Insured entered is perfectly adequate, it may be that for this particular business we donʼt have enough data to say either way.

Though this functionality will help to identify potential cases of underinsurance, it shouldnʼt be wholly relied upon. Where we canʼt indicate a Sum Insured, we recommend that formal valuations for buildings, plant, machinery and contents are regularly undertaken to understand the level of cover a client would need.

^{* The suggestion regarding the adequacy of your sum insured is provided to you on an as-is basis without any warranties or indemnities. We do not accept responsibility and will not be liable for any inaccuracy or incompleteness of information. You should always satisfy yourself that any action you take or advise others to take meets your or their needs.}