Notes from the diary of a Chubb Insurance Appraiser.
Do you own a home of higher value? Have a second home abroad? Collect antiques or paintings? Wear expensive jewellery?
Then you probably need specialist insurance cover. Cover that isn’t questioned after the event.
In my experience as an appraiser, more than two out of three homes are under-insured. It’s staggering. Astute people are unwittingly putting themselves at considerable financial risk.
Chubb Masterpiece ensures you have exactly the right cover.
What is the right level of cover? How much to rebuild your house exactly as it was? How much to replace lost possessions? Standard insurance companies leave that calculation to you. Underestimate, and they can penalize you by reducing your settlement. Chubb Masterpiece eliminates this uncertainty.
Chubb appraisers, like myself, appraise every home we insure to determine an accurate rebuilding cost. For most homes we also provide guidance on adequate contents and valuables cover. Effectively, this ‘settles any loss’ before it occurs.
The nightmare of listed buildings. A listed 17th century house I inspected was underinsured by nearly £1⁄2 million. Why? Someone didn’t realise the real cost of restoring the oak panelling, the hand-carved fireplaces and the intricate brickwork. Beware! Underinsuring a listed building can lead to legal proceedings. At
60 Author Viewpoint
Risk and Insurance in Private Equity and M&A 2012/13
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