Insurance Health Check

What to expect from your broker

Insurance Health Check

As a specialist broker, we like to do the hard work on your insurance, so you don’t have to. However, we think it is important that you fully understand how it works to help you get the best out of your insurance and the market.

We look carefully at all our clients’ cover every year, as not only can there be changes in regulatory requirements from year to year, but there can also be developments in the clients themselves, as well as differences in what insurers are offering.

Here are just a few questions that we think are important for all firms to think about:

PI Policies

What does it actually cover?

  • This is policy specific and should be looked into each year

What are my regulatory requirements?

  • These can change from year to year

Is my limit of indemnity adequate?

  • Minimum limits imposed by regulatory bodies are not always enough

What does “claims made basis” mean?

  • This relates to which claims can be made during a policy period

What does “civil liability” mean?

  • This is usually the insuring clause on a policy and is the most fundamental part of it

What is excluded?

  • This can vary from wording to wording


Is my broker a Lloyd’s broker?

  • If not, they have no way of approaching the world’s biggest insurance market

Are they specialists?

  • Will they be able to advise me properly or help me if I have a complicated query or a claim?

Are they independent?

  • They may not actually be owned by an insurer, but are they tied to using only a very small number or specific insurers for specific types of clients?

Are they based in The City?

  • If they are based a long way from where most insurers have their offices, they are not likely to be broking your risk face to face with the underwriter

This is just a sample of some of the things that we look into for our clients. If you have any questions or would like to find out more, please do not hesitate to call us on 020 264 0545

Cavendish Munro