When your insurance cover has been badly arranged, you need the right broker to help reduce your losses.
In this instance Marks Insurance were called in by a mutual business connection to help their client. The business owners of a design studio in Warwickshire had suffered extensive losses due to arson but were struggling to secure a settlement with their insurer.
It was obvious from our initial meeting that the cover had been arranged incorrectly and the sums insured were vastly understated. We undertook numerous meetings with the loss adjusters and were able to secure a payment of £750,000 for the losses – a good sum, but unfortunately not enough to cover the full damage due to the mistakes of the previous broker.
Marks Insurance then liaised with the client and their lawyer’s, assisting them in bringing an action for professional negligence against the previous broker. This resulted in a further payment of £300,000 for professional errors.