Loss Recovery Insurance
In the event of a Private Road property or business interruption claim in excess of £5,000 you could end up spending hours and hours preparing and dealing with your claim. With a Loss Recovery Insurance policy all this stress would be removed as you will be provided with your very own qualified independent loss adjuster. This loss adjuster works for you, to prepare and present your claim and negotiate with insurers.
Loss Recovery Insurance Policies are stand alone policies that you can run alongside your Private Road Policy.
What are the benefits of Loss Recovery Insurance?
- Fast response time. A Loss Adjuster is often on your private road or business site within 24 hours to establish the extent of the claim.
- You will be provided with a dedicated and qualified professional to prepare your claim and negotiate with your insurance company
- Help with arranging any alternative premises and sourcing equipment
- Help with Negotiating the best claim settlement for your policy
- Minimum disruption to your business
- Helps save time, money and inconvenience
- Peace of mind
- Help with preparing an inventory of loss
- Management of all correspondence and meeting with insurers.
- Working with your accountant in business interruption claims
What is not covered under a Loss Recovery Insurance Policy?
- Personal Injury Claims
- Liability Claims
- Marine and Aviation Claims
- Motor and Personal Property Claims
- Subsidence, heave, landslip Claims
- Claims outside mainland UK
- Civil proceedings
We can help you to arrange Loss recovery Insurance cover for a very low cost which could save you a small fortune should a large claim happen.
How much am I covered for under a Loss Recovery policy?
The limit of indemnity on this kind of policy is normally £100,000 for any single event/claim.
What if I just hire a Loss Adjuster myself if I have a claim?
If you decided to wait until you have a claim and then hire a loss adjuster yourself then you would have to pay their fee, which on average is around 10% of the value of your claim. So for example a claim of £50,000 would result in you being billed £5,000! Compare this to a Loss Recovery Insurance policy costing less than a few hundred pounds and you can see the difference.
Shouldn’t an Insurance Broker do this for me?
If you have an insurance broker, they may offer a claims service to assist you during a claim, but most likely they do not have the expertise to deal with every aspect of handling claims that are very large and extremely complex. Basically your broker is like a general practitioner doctor and the Loss Adjuster is a the specialist.
If you suffer a loss on any aspect of your Private Road or Private Road Management Company that is over £5,000 you may not have the time, knowledge or money to deal with the claim. Your private road could be closed for a long time while the claim is being dealt with which could have a major effect on your business or to the residents that use your private road. For example if your private road leads to your business, you may not be able to have any clients visit you – which will have a major impact on your business. With Loss Recovery Insurance you would have your very own Loss Adjuster on site within 24 hours helping you and negotiating with insurers, getting your claim dealt with in the quickest and most efficient way possible, removing the stress from you.
Do you have trees surrounding your private road? If so you might want to consider taking out a ‘Removal Of Trees’ extension on your Private Roads Policy. To read more about this read our removal of trees article.
To get in touch with a specialist Private Road Insurance Broker go to our contacts page.
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