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How To Be A World-Class Insurance Client

By March 28, 2018November 8th, 2019Business Insurance

Dawit actively pursues standards of quality resembling the apex of snowy mountains. For us, that means honesty, efficiency and innovation in all affairs. It takes grind and tenacity to get there, and naturally, we work best with clients who also have similar principles. What do you value most in a business partner?

In the last article, we discussed the warning signs that a client should look out for when dealing with an insurance agent. Now we want to help you become a world-class insurance client using this simple 5-point checklist. If you heed these instructions, you will simplify the process tremendously and gain value. Are you in?

Feel free to contact us if you would like to learn more!

  1. Full Disclosure

One of the compulsory terms of an insurance contract is full disclosure of material facts. This may include, but not limited to, medical history, financial details and previous loss details. Do so whenever you are buying a new insurance policy or risk the rejection of future claims, regardless of whether you have been diligently remitting premiums. If this sounds like you, speak your insurance agent immediately. This leads to the next point.

  1. Read The Contract Thoroughly

Rejection of claims is not a spiteful action by the insurance company, as much we would like to believe, but more likely an indication of our ignorance. Perhaps the insurance agent didn’t take you through it properly. Either way, it is your responsibility to understand what you’re signing up for and meet the terms of contract. Skimming is the last thing you want to do, for your own sake.

  1.    Everything Is Not Payable

Let’s illustrate this point with an example. You have a hotel with a restaurant inside it, and have insured it for Kshs 1 million. Your restaurant burns down and the loss adjustors step in to assess the damage only to discover you undervalued your assets. Perhaps, the proper cover would have been for Kshs 1.6 million. If you fail to evaluate your assets properly, you may discover that all your losses are not payable. Proper valuation prior to buying an insurance policy is crucial. Which leads to the point #4.

  1. Cooperate With Assessors & Investigators

Your responsibility is to be transparent and forthcoming in all stages of assessment and evaluation, prior to buying the insurance policy and after making a claim. This safeguards the validity of your policy and any future claims. To avoid the situation in #3, your insurance agent may be able to refer you to a qualified assessor.

  1. Unrealistic Demands

An insurance agent is a lot of things, but only in regards to you and your insurance company. If you need to obtain Police Abstract, for example, don’t expect your agent to do this for you. They don’t know the facts as well as you do and have no standing in the matter. This should one of the very first topics of discussion with your agent: clarification of roles and responsibilities, as well as establishing boundaries. This is good business practice in any field.

Do you see how being honest & diligent may save you from a world of trouble? As always, our doors, inboxes and comments section are open to you. Feel free to contact us if you would like to learn more!

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Our writer, Barbara Jebet, is a content strategist and a brand storyteller. Check out her blog: the slightly curious world of story pot.