Archive for the ‘Commercial Insurance’ Category

With the Floods of 2009 in Mind we find ourselves coming into that time of the year again.

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In the current Economic Climate, a major loss can end a company, particularly if the company is not accurately insured.

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Last winter’s severe flooding saw hundreds of policy holders greatly affected both emotionally and financially. Luckily, the vast majority of these policy holders had cover in place and could look forward to prompt settlement to get them back on their feet. Or so you would think. Five months on from the floods, Fianna Fail Galway West [...]

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As a result of the November floods last year, Grassland Fertilizers suffered losses of up to €1.3 million when up to 70% of the stock stored at its Cork facility was destroyed. A claim was processed and the underwriters failed to pay because there was no cover in place for flood, burst pipes, tempest and/or [...]

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Your proposal form is a contract, based on the principle of utmost good faith, between you (as opposed to the property insured) and your insurer. In times past, minor details missing from your proposal form were overlooked but recent economic trends have caused all businesses, including your insurance company, to take a much closer look at their activities.

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Disconnect any external or internal power at ground level Do not dispose of any debris until your insurers have seen damage Remove soft furnishings and floor coverings to dry store Clear all drainage routes around the property and expose further drainage routes if possible

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Insurance companies, like any other business, are there to maximise profits, it is their duty to their shareholders to do so. In the event of a claim, insurance companies try to minimise the amount that they pay out through the strict enforcement of policy terms and conditions. Insurers use little known devices such as the ‘rule of average’.

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Neither the insurance company nor the loss adjuster appointed by the insurance company will prepare or help you to prepare your claim. Under the terms set out in your policy it is up to you to work out the full extent of your loss and submit a properly documented claim to your insurers. You must do this at your own expense.

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Neither the insurance company nor the loss adjuster appointed by the insurance company will prepare or help you to prepare your claim. Under the terms set out in your policy it is up to you to work out the full extent of your loss and submit a properly documented claim to your insurers. You must do this at your own expense.

Cleary’s strategy was simple, to communicate to the Irish public the benefits of using a loss assessor when claiming on their insurance policy. This was done through the methods of the day including the golden pages, local and national press and word of mouth. Because of the nature of their work, Cleary’s quickly became known by the media as the “Robin Hood of the Insurance Industry” a title that still gives rise to a mixture of pride and laughter at Cleary’s HQ.

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About this blog

This blog has been established to give you free and practical advice on insurance, what to do in the event of a claim and how to prevent it in the first place. Every week you will find a new and insightful post on topics ranging from preventing burglary in your home to ensuring your business has adequate cover. With over 25 years experience of dealing with disasters and disaster management, Sean will give you the benefit of his experience so that you can avoid common insurance pitfalls.

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February 2012
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