On the record
Senior Surveyor Andrew Cheney on saving your clients heartacheHelping to look after the clients we insure and trying to prevent claims from occurring is all part of the job for the Risk Surveying & Valuation department at Hiscox.
The Hiscox Risk Survey helps our underwriters to be as flexible as possible and offer the bespoke cover that clients and brokers demand. It also helps the client manage their risk and make sure that they have the best cover in place.
Risk management is not just about mortice locks and intruder alarms. Averaged out, the two most costly types of claims for Hiscox are fire and water damage. They also tend to be the most disruptive for the victim.
We never cease to be amazed at how many people don’t have adequate means of fire detection within their properties, an oversight that could be life-threatening. We can advise clients on the best, most cost-effective and least disruptive means of protection, and direct them to approved and vetted suppliers and installers.
In addition to security and fire, during the Risk Survey we discuss other perils such as lightning, freak storms or floods. Roof and gutter inspections can save a lot of trouble during the winter, and a water leak detector can detect a burst pipe or leaking radiator and shut off the water supply in as little as two minutes.
We recently recommended that one client install a water leak detector following a claim of more than £100,000 when a block of units flooded. It would have significantly reduced both the damage and the claim, as well as the amount of stress and disruption for the client. It is also worth considering a ‘disaster plan’ – in other words, what to do if it all goes horribly wrong.
Both Hiscox in-house surveyors will be presenting two seminars this autumn and will be on hand to answer questions. If you’d like to learn more about risk management and disaster mitigation, further details are available from the Risk Surveying & Valuation department on 0870 084 3830.