In a recent masterclass with Made in the Midlands patron and leading insurance broker Gallagher, Made members had the chance to find out what underinsurance is for manufacturers, what can lead to underinsurance and tips to prevent pitfalls.
Made in Group is dedicated to sharing best practice knowledge with manufacturers and relevant businesses in the Midlands and Yorkshire community. In this masterclass, exclusively for Made members Gallgaher’s Steve West walks us through:
What is Underinsurance?
Essentially this is when a policy holder has inadequate insurance cover for their needs. Here Steve goes into detail about:
- What would happen if there was to be a loss within a manufacturing firm
- The common areas of underinsurance for manufacturers
- The impact of underinsurance
What can lead to being underinsured?
- Can you ensure your valuations are up to date?
- Are you aware of your standard policy limits
- Not declaring the correct sum that needs to be uinsured
The Common Pitfalls
- Stock & Contents
- Plant & Machinery
- Business Interruption
For more on how to ‘Prevent Pitfalls’ when it comes to underinsurance, watch the full masterclass here.