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Insurance : case studies |
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Do you have appropriate cover if:
- your premises are flooded or damaged by fire
- one of your products injures a customer
- work you perform causes loss
- an employee is injured at work
- a guest falls down your stairs
- a delivery is lost in transit?
The fine print of insurance contracts can be significant. Set out below are examples of cases involving technical insurance problems we have dealt with recently.
Understanding the fine print
We were asked to review a business’s insurance arrangements. We queried an oil exclusion clause, which dealt with oil temperatures in a fast food outlet. Neither the business manager nor, more importantly, the fast food outlet staff were aware of the insurance restrictions. We suggested that the insurer provided full details to the client immediately.
Uninsured risks
Whilst reviewing a Moore Stephens client’s business insurance cover, the meeting was constantly interrupted by a lift bell. We asked to see the lift engineering policy. Unable to find it, the director immediately contacted his existing broker to discover that no cover was in place. The business was therefore in breach of health and safety regulations.
Protecting trust properties
Most brokers and insurers are unaware of the complexities of insuring trust properties. Following a burglary, a Moore Stephens client filed a claim for property damage and loss of items of fine art and personal possessions. The insurers agreed the claim but were about to issue a single cheque to the occupier for both building and contents. The settlement for property damage should have been paid to the trust. However, as MS Insurance Services Limited were dealing with the claim, we were able to ask the insurer to issue two separate cheques.
Pollution
We were asked to establish the cost of pollution cover for a derelict property owned by a company that our client was about to acquire. The premiums were commercially prohibitive. The alternative was that our client’s business would be responsible for any pollution arising from the site. As a result, the acquisition did not proceed.
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