A broker’s job is to help you to identify the risks that you or your business may be exposed to. The broker will advise you on what insurance’s are available for these risks and will canvas the insurance market to obtain the most advantageous terms for these covers providing you with the insurance quotes. The broker will then discuss this with you and when agreed place the cover with the chosen insurer/s and arrange the documentation at the specified insurance rates. The broker will also help you with general insurance advice and information as required and look after any amendments to the policies that may be required. With any claims, the broker will assist you in formulating the claim and will liaise between you and the insurer to bring the claim to a successful resolution.
There is a big difference between the two: An insurance agent acts on behalf of one or more insurance companies and can only access those insurers’ products where as a broker acts on your behalf, the policy-holding client. An insurance broker has access to the products of several insurance companies and can find the best combination of coverage, price and service. The broker is obliged to act in your best interests, is not tied to any insurer and can arrange the best protection for you at a competitive price.
In both business and personal matters, correct insurance is vital. Wrong or inadequate insurance for business and it’s protection can lead to disastrous consequences. The right advice makes all the difference and prevents costly mistakes. Insurance brokers are specialists in insurance protection, are independent and have an in depth knowledge of the insurance market and are able to provide professional, objective advice on identifying risks and exposures and recommend the most cost effective solutions. They provide convenience, choice and expertise. CONVENIENCE, because the broker can handle all the policies you need. CHOICE, because the broker deals with a range of insurers and will suggest the contract that best fits your circumstances. EXPERTISE, BECAUSE the broker spend their working lives learning about insurance.
It’s not in the insurance broker’s interest to do that. He wants to keep you as a client for many years, and he won’t if you find out he’s sold you an unsuitable policy for the sake of a higher commission. If you’re really worried about this, you can ask the broker to explain several different policies to you.
Insurers have to pay for administration, either through commission to an insurance broker or by employing staff themselves, while some direct writers incur heavy costs on expensive advertising. So you won’t necessarily find it any cheaper to go direct to an insurer. More importantly, you are likely to get better value by dealing through a broker, since he should be able to ensure that you get the cover that is right for you at a competitive price, since a broker works only for you.
No, because you are probably not comparing like with like. Cover can vary — no two Motor policies ever mean quite the same thing by “fully comprehensive”, for example. Insurers can vary as well, in how strict they are in interpreting the terms of the policy, and how quickly they settle claims. All these things are changing from day to day. It’s your insurance broker’s job to know which insurer is likely to meet your needs best — as well as to consider the cost. The three factors to consider in selecting an insurance policy are security, cover and cost — in that order.
We provide a fast, efficient and personal service to all our clients. We are committed to continually improving our service levels and the skill of our workforce. People and quality are foremost in our minds and this is evident from our dealings with our clients. As our prestigious and esteemed client you are guaranteed to receive outstanding customer service.
Yes, we as your insurance broker can. Assistance with a claim and serving as your advocate in dealing with the insurance company are among the many services offered by a broker. If you bought your insurance directly from an insurance company, however, you must deal directly with that company’s claims department. Brokers give advice and assistance in formulating and submitting your claim to the insurer. They arrange for a claim form to be completed by you, and keep a watching brief on the claim and liaise between you and the insurer to bring it to a successful resolution.
Once you submit all the necessary claim documents, normally the claim will be settled within 30 days.
Any number of claims is allowed during the policy period. However the sum insured is the maximum limit under the policy.
Deductible/Excess is a small amount, which the client will have to bear at the time of claim. Thereafter the balance amount will be reimbursed by the insurance company.
Under a single Sum Insured the entire family is covered.
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