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Underinsurance and the Insurance Act

At RebuildCostASSESSMENT.com we’ve had quite a few conversations with brokers and underwriters in recent months about underinsurance and the Insurance Act (2015). Since the Act came into force in August 2016 we’ve been wondering what difference the legislation might make in cases of underinsurance. Some people we’ve talked to think the Act won’t make much difference at all. Others see it as being far more significant. So who is right and who is wrong? Well when it comes to legal stuff, we always think it makes sense to talk to legal experts. So we turned to some very clever lawyers at Herbert Smith Freehills LLP in London and asked them what they thought… Now the first thing they told us is

InsurTech partnership with Brokerbility

Insuranceshortfall.com and insurance broker network Brokerbility have today announced a new InsurTech partnership to provide Brokerbility members with online access to discounted desktop rebuild cost assessments (RCAs). Brokerbility’s Julie Rayson-Flynn commented: “The introduction of the Insurance Act together with the content of recent FCA thematic reviews has highlighted how our industry as a whole needs to do more to ensure policyholders purchase adequate levels of cover and are treated fairly. “With an estimated 80% of insured buildings in the UK having inaccurate or inadequate sums insured, brokers can be at risk from failing to meet their obligations to clients. To help counter this a

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