Don't leave the meter running...

Often when we praise something we say, it’s the little things that make all the difference between a good and bad experience. For example, at a 3-star hotel, you will still get a bed to sleep in and a drink at the bar, but at a 5-star hotel, your bed might be more comfortable which leads to an improved sleep, or the bar has a more extensive range of drinks to offer you rather than you having to accept a drink that’s perhaps not your first choice.

Sometimes a little thing might go unnoticed for a while, like my smart watch telling me it thinks I’ve left my smart phone behind when it’s really on my desk and I’m in a meeting room. But one day it might save me a lost phone.

The little things can have a huge impact. I recall a client of mine making my most expensive claim of the year after a washer that cost pennies caused a huge amount of water damage to their multimillion-pound office refurbishment. So, how is this related to the insurance that you purchase?

We can’t escape the news regarding rising energy costs; it’s everywhere we turn. The press coverage about the pinch it is going to cause has meant the government has had to take action to help individuals and companies, but it’s still going to result in a steep price increase for many. Sitting on many strong policy wordings is an extension called: Loss of metered utilities.

I’ll be honest, I’ve not seen a claim from it by a client of mine, but it does exactly what it says on the tin. If you had a claim which resulted from leaking utilities (water, gas, electricity) then it would look to cover the nasty bill that the meter could run up following the failure of the washer mentioned above. Yes, most insurers would deal with the damaged chairs, carpets, tables, etc., plus the business interruption claim. But not all will have the loss of metered utilities cover which could give the dramatic increase in cost of utilities, leaving you with a significant uninsured risk.

Often, a response we get to some of our insurance product recommendations – and one I’ve heard a lot over the past few years during the hard insurance market cycle – is “It’s expensive”

I expect this was also said to a girl called Ruth in 2003, who, in a conversation with the head of the school council, suggested they increase the ticket price for the school music concert by 350% to £22.50. If they did so, her Dad would come and play for them.

“Well, just who is your Dad?” was the somewhat sarcastic reply.

“Eric Clapton”, said Ruth.

Needless to say, the ticket price was increased, and demand was so high they had to hold a ballot for the 700 or so tickets¹.

Keep this in mind when choosing your insurance partners. We are always going to recommend the Eric Clapton of insurance policies for you –and they are expensive because they are the best available and will cover the little things that can be vital following a loss.

References

¹ https://www.dailymail.co.uk/tvshowbiz/article-172691/Clapton-rocks-daughters-world.html

If you want your insurance policy to adequately cover you and help weather the storm of unexpected risks, contact us today on 020 7543 2807.