- Gwen Global Insurance Consultancy
- Policy Review
A coverage gap is a risk that a policyholder believes is insured but is not, or is insured for less than it would cost to recover. Gaps are usually discovered at the worst possible moment: when a claim is made.
Where gaps commonly appear
- Flood and storm damage: during the rainy seasons, water damage to buildings, stock and equipment is a common concern. Check whether flood is covered, excluded or available as an addition to your property policy.
- Under-insurance: sums insured that no longer reflect the real cost of rebuilding, replacing equipment or restocking.
- Changes not declared: a new branch, more stock, extra vehicles or new activities that were never added to the policy.
- Exclusions: specific events, causes or assets that the policy wording does not cover.
- Limits and excesses: amounts that are lower, or deductibles that are higher, than the business expected.
Read the policy, not just the summary
Schedules and summaries are useful, but the policy wording defines what is actually covered. Reviewing the definitions, conditions and exclusions, and asking questions where the wording is unclear, is the most reliable way to understand the protection in place.
Review at renewal and when things change
Cover that was right when a policy was first arranged may not be right today. A review at each renewal, and whenever the business or household changes significantly, helps keep cover aligned with real risks and values.
A second opinion
Gwen Global offers policy reviews for clients who want an independent look at their existing cover. Our consultants can help interpret policy documents and highlight areas worth discussing with your insurer before a claim arises.
