Warranties are on the increase

At Castlemead Insurance Brokers in Bristol, we like to keep a close eye on what is happening in the insurance industry so that we can be sure our customers are adequately covered for any eventuality.

Sometimes businesses can get caught out when making a claim simply because they have not read or fully understood the terms and conditions or small print attached to their policy.

We have become very aware in recent times that insurers are becoming ever more stringent in applying the various warranties contained therein. These warranties, largely health and safety or security based can invalidate cover even if they have no direct relationship to the claim being made.

For instance, we have learned of a claim being rejected because the insurer had stated that Kite marked 5 lever locks must be fitted to all doors. 5 lever locks had been fitted but they were not Kite marked. The break in to which the claim related was not even through a door!

Had their insurance broker pointed this out when arranging the cover the outcome would have been very different?

Need help with your business insurance? Get in touch with Castlemead.