Here is a general question to all those "informed" underwriters. Do any of you understand the difference between polyurethane composite panels, and the newer type of panelling as manufactured by compa ...
Here is a general question to all those "informed" underwriters. Do any of you understand the difference between polyurethane composite panels, and the newer type of panelling as manufactured by companies such as Kingspan ?
Here is a clue The London Fire Brigade, among many, will not refuse to attend a fire where Kingspan products are in place.
Or is the answer quite simply [underwriters] do not understand and are not interested in finding out, as it increases revenue without having to work any harder whatsoever.
My "gripe" relates to a risk we placed with one of the larger composite insurers - do you think clients ought to avoid composite insurers, as they avoid the issue of composite panels?
We provided the underwriter with a detailed survey report including the building specification, which both highlighted the use of Kingspan panelling, and the product specification from Kingspan and details of its compliance with fire brigade standards.
Joy of joys, when the underwriter didn't impose any special terms or excesses. Joy of joy part two occurred when the surveyor visited and agreed with me that the panelling was of good standard and saw no reason for any terms.
Disappointment occurred when the underwriter decided, a week before the first scheduled fire brigade strike, to impose a £100,000 fire and malicious damage excess.
His reason was that he had not realised that these panels and the roof did not use rockwool as a sandwich material. I pointed out that our survey, the building specification, the panel manufacturers specification, and his own surveyor's report, clearly stated the opposite. Did he not read this?
His answer was: "No. And in any case the London Fire Brigade do not endorse this."
I proved him wrong.
The outcome is that I now have a client, who by being as honest as is possible, is now saddled with a business threatening excess after paying this underwriter almost £100,000 for the pleasure.
And [the underwriter] informed us that if we were to consider moving the policy to a more "intelligent" underwriter then punitive short term rates will apply.
Oh the joy of working in our industry.
Steve Reading
Director
Read Hunt Corporate Insurance Brokers
Send letters to: Insurance times, 30 Cannon Street, London, EC4M 6YJ or Email to
Andy@instimes.co.uk or Fax : 020 7618 3499
