RE: Cervian13 Jun 2021 08:43
Katenip. You should be thanking whoever has recalculated the rebuild cost. Much better to have to pay a higher premium now, than find out you're under insured when the worst case happens. Perhaps as a director you could even be liable? Remember it is the responsibility of the property owner / freeholder, not Insurer, to ensure their buildings are insured for the correct amount (including reassessing regularly). I work in the industry and often come across claims being repudiated, or payouts reduced due to under insurance. This is nearly always on commercial or landlord claims, rather than domestic claims. Where brokers are involved, I'd certainly be questioning the quality of their service if they didn't advise recalculation of value at risk.