Struggling to find insurance for your business, let Cornerstone help

If you have been refused insurance for your business this blog is probably going to be a useful starting point. If the cover you have been offered is over priced or restricted there may be a better solution with Cornerstone.

Cornerstone would like to hear from you if you need help and want to talk through your insurance needs. Our business has grown by referral as we often come up with a solution that eludes other brokers. We are delighted you have found us via the internet but don’t forget to call us for advice tailor made to your business and get free valuable guidance and support.

 

Insurance for your business – Cornerstone can help with the following and much more

Refused Insurance for your business due to Claims?

Poor claims history or a single large claim or a series of claims?

If you are refused insurance, or had a policy cancelled due to a claim we would like to talk to you. We have experienced a rise in the use of forensic loss adjusters to analyse claims to a very intrusive level. Sometimes insurers not only turn the claim down but also cancel cover, creating a double blow.

A single large claim is possibly the most difficult risk to replace. If the loss was as a result of poor housekeeping or maintenance the problems get worse. Working with the insurers is a key factor in rebuilding the confidence of the underwriter. Our top tip is to engage with the insurers as soon as the claim is underway. Explaining how future claims can be avoided or mitigated is a great start. The pressure to get a claim paid on the one hand and spend valuable time and money to protect the business on the other can create a situation where a large proportion of the settlement is reinvested in future loss prevention.

Cornerstone have successfully placed risks that have suffered large fire and theft claims. The solution was the time and careful consideration given to the how the risk management was built into the recovery. Everything from the building materials, fire suppression systems to the organisation of the factory will all have an influence on the underwriting of the risk. If your looking for insurance for your business after a claim please call Cornerstone.

Forgotten to declare a material fact

The reason for claims declinature could be the none disclosure of material facts that you had no idea what was going to be important to the underwriting of the risk. Either way insurance for your business is going to be much tougher to secure if you are refused insurance.

Material facts non disclosure may be picked up after a claim or during a survey. The survey option may give you time to correct the error if the underwriters allow it, however if non disclosure is discovered after a claim there is usually no ability to correct the problem.

Cornerstone recommends a thorough review of the claim and the information submitted to your insurer. We have recently succeeded on reversing an insurers claims declinature and policy cancellation by a careful review of the facts and methodically answering the loss adjusters objections.

Reasons for insurance refusal:

• the failure to disclose CCJ’s,
• changes of ownership,
• alterations in the risk mid term,
• non standard construction,
• past claims,
• failure to read statements or check through proposal forms,
• hazardous processes
• disqualified users

Cornerstone believe that there is a balance between asking enough questions in order to understand your business having the experience to know what claims you’ll be facing. Our staff have both claims handling capability and underwriting knowledge. The combination takes the risk out of getting the right insurance for your business.

Running machinery unattended or have hazardous processes and refused insurance for your business?

Cornerstone receive plenty of enquiries from engineers who run machinery overnight and if this is spotted by insurers cover can be restricted or refused. The problem surrounds the risk of fire and the spread of the fire to surrounding property. We’d be delighted to hear from you if your insurance has suffered due to working practices as we have a number of specialist insurers we have a close relationship with who would be willing to underwrite this type of risk.

We act for clients with hazardous processes from GRP component manufacture to foundries casting molten metal. Insurers are worried about the use of materials that can cause respiratory problems or processes that can cause sudden severe injury and death.

The solution for our clients can be found in the way the facts of the risks are presented and understood by the insurers. Cornerstone insure complex, hazardous manufacturing plant with considerable risk exposure that has been rated well below the clients expectations by our close relationship with insurers and skill in detailing the business to an acceptable standard to the underwriters.

How can Cornerstone help?

If you have been refused insurance, had restrictions imposed on cover, had claims turned down or experienced a sharp rise in premiums please call Cornerstone. We have been given some difficult cases to review and been successful in placing all that has been referred to us. If you want a trusted partner to look after your insurance and get valuable advice call Tim Lee on 0116 3440040 today.