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  • Writer's pictureAmy Lillington

Here’s something that might help with ‘difficult conversations’

Brokers tell us that every now and then they face ‘difficult conversations’ with clients about all kinds of things, including under-insurance, of course.    

Insurance broker having difficult conversation over the phone

Following the introduction of the Consumer Duty, we understand these conversations have become a little more frequent. So, we wondered what we could do to help.


Fortunately, a few years back, we worked with a panel of brokers to produce a helpful guide all about what could be said about inaccurate sums insured. We’ve polished that guide off and brought it up to date at a time we hope you may find it quite handy.


Recent reports show that an increasing number of SMEs are reducing their coverage levels across various policies amid rising costs. As a result, insurance brokers find themselves in challenging conversations with clients about the risks of underinsurance.


We appreciate that getting sums insured right is a delicate balance for brokers. It's a situation that can even lead to legal action. For a real-life example, take a look at our article, ‘Broker facing £3.5m legal claim for underinsurance’ from 2019. It's a stark reminder of the potential consequences of underinsurance.


Peer-led guidance


To provide clear, honest, and comprehensive guidance to clients, as Consumer Duty requires, brokers themselves have told us they should highlight the need to review sums insured.


Our guide called ‘When your client discovers their building is not covered for the right amount.’ covers the following scenarios following a professional Rebuild Cost Assessment:


  1. Your client is overinsured

  2. Your client is underinsured

  3. Your client is accurately insured


And offers some guidance on what you might say. Guidance from fellow brokers, not from us.


So, please take a look. Click below to download the guide.


When your client discovers their building is not covered for the right amount
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Download • 627KB

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