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One in 10 brokers thinks insurers should pay for rebuild cost assessments

A growing number of insurance brokers believe underwriters should pay for, or at least contribute towards, a professional assessment of building sums insured in order to tackle the issue of underinsurance. In a poll for this year’s BIBA conference, reinstatement valuation experts RebuildCostASSESSMENT.com asked almost 600 brokers to say who they believed should pay for rebuild cost assessments. Unsurprisingly, just over 70% said policyholders should pay, as ultimately it is their responsibility to set sums insured. However, there was widespread sympathy with clients, as brokers generally recognised that policyholders lacked capability in setting accurate figures and also how it was in the in

One in five clients ‘guess’ at buildings sum insured, say brokers

More than a third of policyholders are using ‘market value’ to set their buildings sum insured and one in five ‘simply guess’ according to a new study. Reinstatement valuation experts RebuildCostASSESSMENT.com asked 580 brokers to identify the source of building sums insured in the UK, in a poll timed to coincide with this year’s BIBA conference. More than a third (35%) said policyholders used the ‘market value’ - the amount the property would currently sell for - rather than the correct basis, which is the cost to rebuild from scratch. Even more concerning was the fact that 20% believed their clients guessed at what the sums insured should be. Just 5% said the source had been a professional

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