Broker Arthur J Gallagher (AJG) has partnered with independent specialist Cardinus Risk Management to offer its commercial property and property investor clients a cost-effective nationwide service to help eradicate the risk of underinsurance and its far-reaching consequences.
Figures reveal almost 80 percent of commercial properties in the UK could be underinsured by as much as 60 percent, according to AJG. Gallagher has teamed up with Cardinus to provide property owner clients across the UK with easy access to consistent, quality building insurance valuation surveys that will ensure their assets are adequately protected.
Greg Spiteri, national practice leader for real estate at AJG, said: “As the costs of rebuilding continue to rise, we need to ensure our property owner clients have all the tools and support they need to counter the risk of underinsurance, prevent any reduction in claims payment through ‘averaging’ and secure settlement as quickly as possible.
“When property assets are underinsured, it’s not just a shortfall in coverage for repair and rebuild costs that the owner faces in the event of a claim. Underinsurance exposes them to a raft of interconnected consequences.
Arthur J Gallagher, AJG, Cardinus Risk Management, Insurance, Underinsurance, North America, UK