New client for Castlemead Insurance Brokers

Castlemead Insurance Brokers have picked up another new client this week and we thought it be worth summarising exactly why as we appreciate that choosing an insurance broker can be a tricky thing to do.

In a nutshell, the client in questions' insurances have been arranged with a consolidated broker for a number of years and, after our research, it became very clear that the problems could be split into 3 definite categories.

1. Poor service

• Renewal terms e-mail to them by broker 5 days before renewal
• No visit to the premises despite premiums in excess of £15,000
• No confirmation of cover provided, nor motor / employers liability certificates issued

2. Poor advice

• Did not include stock cover in the open – valued at £70,000
• Did not include subsidence cover on the Buildings – valued at over £500,000
• Financial estimates on Liability and Business Interruption inaccurate
• Money limits too low
• No advice around insurances not arranged including Directors and Officers insurance

3. Overcharging

• Premiums had increased with no explanation
• No claims review nor rating breakdown
• Alternative quotations had not been sought
• Charges included policy fees in addition to taking commission
• Premiums were being financed through an outsourced provider at a rate of 6.25% (17.8% APR) payable over 10 months
• Not only well in excess of the standard market rate for outsourced finance, but also more expensive than the 12 month payment option with the insurance company

The end result was that Castlemead Insurance Brokers visited the client within 24 hours of the phone call, put right the cover and provided more competitive rates.

If you need help with your insurance, please get in touch with us and we will be happy to assist.