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New Year’s Resolution – Be more ProAktive in your thinking

As the New Year kicks off people start to think about what they might be able to do better in 2017 (more so than they did in 2016) and what they would like to achieve.  This could involve losing weight, getting a new job, moving house etc, however, how about trying to be more proactive when it comes to your Father and son togetherinsurance?

It is always prudent to update insurers of any changes to your risk mid-term rather than waiting for renewal.  Adding an extension to a building requires notification to insurers not only during the course of the build but also once the building is complete.   If the buildings sum insured are not increased and a claim occurs, you could be underinsured and insurers may only pay out a reduced amount subject to average.

The new Insurance Act 2015, which came into effect on the 12th August 2016, also requires businesses to be proactive.   The Act requires a business to provide a fair presentation of their risk to insurers.  This involves the disclosure of material facts that you are aware of or should be aware of.  This could involve notifying insurers of a new business activity, changes in structure or any near miss incidents that have occurred during the past year.  Disclosing this information also needs to be reasonably clear and doesn’t just involve directing an insurer to a website for more information.  A dialogue may be required where insurers will ask specific questions to inform their underwriting decision.

Essentially any change that takes place within your business could affect the cover that is provided and so to avoid any doubt always contact your broker to discuss any changes.

Peter Ryder HeadshotSo why not kick off your New Year with a good resolution and be more ProAktive with your insurance requirements. We’re here to talk on either 01302 341 344 or 0114 243 9914.

By Peter Ryder BA (Hons) ACII – Account Executive

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