If you are found to be underinsured following a claim, insurers could reduce the value of the settlement with you or your company potentially being exposed to a large financial loss.
For example, if the cost of rebuilding your property is determined to be £1,000,000 and you have insured this property for £500,000 only 50% of any claim would be paid before the deduction of any excess.
In worst case scenarios, your insurer may deem the level of underinsured materially misleading and may refuse to pay anything under a claim.
If you have not had a professional valuation in the last 3 yrs you could be underinsured.
Don't get caught out, please see the attached for further information on our valuation service.