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How to let your insurance broker help you
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Reveal the actual costs of replacement of insured assets so that your broker can get them adequately covered for you
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Keep your broker updated of any changes in your business
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Inform your broker promptly of any incident that may lead to a claim
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Implement the risk management measures your broker recommended
What should you expect from your broker?
Your broker should:
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Find out what type of policies are available in the market to cover you against such risks;
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Find out if there are exclusions and conditions in those policies that do not fit your requirements;
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Find out if there are extensions and endorsements that may give you more protection;
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Identify and select those insurers capable of providing such covers;
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Negotiate with them to get the best price, cover and service;
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Investigate the insurers’ claims service to see who is helpful and responsive;
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Check the selected insurer’s financial strength rating to make sure they will be there when you need them;
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Report their findings to you and provide recommendations;
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Place your insurance based on your instruction;
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Assist you to seek funding for premium - if required;
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Provide you with all the policy documentation promptly and assist you in understanding the coverage;
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Update and maintain your insurance to ensure no wastage nor gap;
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Assist you, if and when you have a claim, to achieve fair and speedy settlement from the insurer.
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