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Property underinsurance worsening as insurers look to tackle shortfalls

By 2024-05-20T11:00:00

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’Clients need to be informed that market value and insured value can be two very different figures,’ says director

Insurers are being forced to adopt a tought stance with brokers as the underinsurance gap for commercial properties continues to increase.

That was according to Andrew Slevin, director at surveying practice Charterfields, who told Insurance Times that a recent study from the firm found that 77% of the premises it had surveyed were insured for less than the required value, with 40% of properties’ building cover covering half or less of the actual worth.

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