Episode 3: Repudiation of Personal Lines short term claims

Broker Protect

Make sure you cover all your basis at renewal of your client’s policies.

I have mentioned in previous posts that there is a duty on
you as broker to highlight areas where your clients can pick up problems with claims. If you do not do this you can pick up liability and problems when claims are repudiated.

I will be sharing the top reasons why claims are repudiated
on personal lines policies over the next couple of weeks. Make this part of your renewal process and document your discussion carefully. Always a good idea to tape these discussions and have them on record.

House Contents

Amount insured not correct leading to betterment being applied: This is probably the biggest cause of disputes at claims stage and leads to the most tension between client and broker if not dealt with correctly.

Make sure you highlight the importance of this and the effect of betterment on a settlement. Provide an inventory “mechanism” to guide
the client and the principle of replacement value also needs to be explained in detail.

Keep safe.