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Under-estimating value of item to be insured.
Comments
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Most insurance companies ask you to list valuable items and if something is worth thousands then a valuation certificate would be advisable.£2 Coins Savings Club 2012 is £4
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NPFM 210 -
Yes and No - a Lloyd's sydicate.
I know I took the argument to an extreme - £1k to £20k but the question is where do you draw the line. If it was insured at £10k but worth £15k due to a sudden market fluctuation have I committed fraud or would you let me pay the additional premium for £5k cover and pay out?
I know most insurers would not - and simply pay the £10k if no fraud suspected.
I appreciate you might not wish to say who you work for but can you describe them - eg. volume insurer, scheme or high net worth?
I work as a personal lines underwriter for a direct volume insurer.
I think the line is a personal thing based experience of doing the job and circumstance surrounding the claim.
I appoligies for the prevoius remark, thought it was another misguided angry with an insurer expert post.0 -
I work as a personal lines underwriter for a direct volume insurer.
I think the line is a personal thing based experience of doing the job and circumstance surrounding the claim.
I appoligies for the prevoius remark, thought it was another misguided angry with an insurer expert post.
Perhaps it's as well that your not handling claims. Why don't you show this thread to your supervisors and ask them whether or not they agree with you? I suspect that they will recommend further product training.0 -
Perhaps it's as well that your not handling claims. Why don't you show this thread to your supervisors and ask them whether or not they agree with you? I suspect that they will recommend further product training.
I assume you dont know the role I perform, hinting that you dont really understand personal lines insurance and probably ain't the best to be passing comment!0
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