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When policyholders reduce sums insured to lower premiums

It happens! A policyholder wants to reduce their insurance premium, so they turn to the buildings sum insured without properly considering the rebuild cost of their property, or any other consequences. And when the policyholder insists, it's never an easy conversation for brokers to have with their clients. After all, it's the policyholder's responsibility to set the sum insured on buildings, not the brokers, isn't it? However, like most things in life it's never that simple, as a fascinating broker case study from BIBA demonstrates: BIBA's 5th Professional Indemnity Initiative publication entitled 'An Essential Guide to Professional Indemnity Risk for General Insurance Broker Staff' include

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