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The webinar, led by Bradley Harmer, Chief Commercial Officer of Iprism, and supported by senior underwriter Marina, focuses on strategies brokers can use to mitigate under insurance risks in property and contents insurance, particularly for mid to high net worth clients. Key topics include practical mitigation steps such as desktop surveys, inventories, and visual checks, as well as the importance of regular specialist valuations for high-value items like jewelry and watches. Harmer emphasises the broker’s role in proactively managing client risks to avoid the financial penalties of under insurance, notably the average clause that reduces claim payouts.
Iprism supports brokers by indemnifying up to 125% of declared values to accommodate market fluctuations, conducting mandatory visual checks on all insured risks, and applying index linking to maintain current valuations. The presenters stress educating clients on the difference between market value and rebuild cost and maintaining ongoing communication throughout the policy term to capture changes. During the Q&A, Harmer provides detailed guidance on valuation frequencies, policy limits, handling dual insurance scenarios, and insuring specialised collections.
Overall, the session underscores the critical role brokers play in risk management beyond pricing, advocating for thorough client engagement and accurate insurance valuations to ensure full indemnity and client satisfaction.
