90% OF POLICIES ARE HIGH-RISK CONTRACTS
WHAT IS IT ALL ABOUT?
Maybe agents, brokers, and insurers never made it clear to their clients and prospects.
Basically, fire insurances are open policies, in short, the client says for which amount he wants to ensure his property and the insurer has the right, and will surely use that right to prove, in case of claims, that client is underinsured. Or in other words, the insurer will do everything to minimize the claim.
Added to this system is the poor claims settlement arrangements, and the fact that almost all policies are based on sound value, depreciation, then you will maybe understand that claims on Fire Insurance always are in the disadvantage of the client. It takes too long, gives lots of hassles and it can lead to the bankruptcy of your organization.
The winning parties are insurers and adjusters. We based our point of view on experience!
The insurance code gives the insured the right to protect himself against the above mentioned fatal construction. Solution: APPRAISED VALUED POLICY.
It should give almost 100% protection. However.. insurers don’t want to insert the necessary clauses. They will only insert the REPLACEMENT VALUE CLAUSE. They refuse to insure based on a CORRECT APPRAISED VALUED POLICY CONSTRUCTION. One of the biggest insurers simply informed us that they want to keep the right to minimize the claims!!!
Can you imagine what this really means? You will pay a premium over the full replacement value, according to the appraisal report but still, insurers want to keep the right to minimize the claim! According to insurers (incl. the APAC; ASSOCIATION OF FIRE INSURERS IN THE PHILIPPINES), an appraisal report is only a guideline. they all forget that the Insurance Code is very clear on this matter. With an appraisal report, you must convert an open policy into a valued policy inserted with an appraised value clause.
AIC is the only insurance agency that will give full protection to their clients and prospects. Please contact us as soon as possible! We can help you to upgrade your fire insurance policy. We can give you the optimal protection you need to be sure that you can continue your business without any delay and hassle.