Our client uses a company to buy rare & fine wines on their behalf and store them for them in a specialist storage facility. Unfortunately, the facility was broken into and 1,000s of bottles were stolen. Once the claim was reported to the insurers’ settlement was issued to the client within 2 days.
Benefits of a specialist broker
1. The client reported the claim to us and we settled the claim on their behalf with their insurer.
2. They have issued a cheque to our client’s home address.
3. We now insure our client’s wine collection at multiple locations
4. Despite a higher premium than some of the competition, the client remained with the insurer over the years as he knew they had a superior claims service to most of the market. He was proven right as the insurer settled the claim within 48 hours and when doing it yourself settlement could take infinitely longer.
Without a broker
The client had not previously advised us of the collection or that it was being stored at a separate location to the home address. However by using the internal policy limits for Art and Collections cover and as the policy provided all risk, the worldwide cover we had the claim settled. A general insurance broker would have possibly had the claim repudiated.
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