here for rachel. here for our community

Insurance might not be Rachel’s top priority, but her business is ours

We were introduced to Rachel in 2019, after she took over the family haulage business several years before. They had been with the same insurance broker for years, but she wanted to review the market as she hadn’t been entirely happy with the service that she had received.

A review of her current arrangements revealed that their building wasn’t insured for the full value. Over the years, the value of a property can fluctuate and in Rachel’s case the building was worth more than the sum it was insured for. This meant that if something had happened to the building, then Rachel would not be able to claim for the full value.

In many insurance contracts there is a Condition of Average. This means that when receiving a claim for a property or business, if the insurer believes the property or business is underinsured, they can reduce the claim by the corresponding percentage.

To give you an example. If you have an outbuilding on your premises which is damaged, and will cost £100,000 to repair, you would make a claim for the full amount and expect this to be paid in full, because your insured value is £500,000. However, if at the time of making your claim, the total reinstatement cost of your property and possessions is valued at £1 million, your property would be underinsured by 50%. This means that your insurer could impose a proportionate settlement and you would only receive a 50% pay out, leaving you to find £50,000 to contribute to the cost of your outbuilding repairs.

This could have left Rachel at a financial detriment to pay for any repairs, rebuilding or relocating to a new property.

Rachel was very happy with our proposal that would ensure her business was properly protected. We have also helped her to put in a personal injury claim for an injury she sustained at work.

Supporting not one, but two community businesses to thrive

Rachel was so impressed with the service that our Ludlow team provided, she asked us to review the insurance cover for the family farm that she co-owns with her mum.

Similarly, they had been with their existing brokers for a long time – 25 years! Another review by our team revealed that for the last ten years, their brokers had failed to include a grade II listed building on their policy as a non-standard building, despite several on-site visits. Not only were they paying for insurance cover that was inadequate for their needs, but they would have also suffered a major financial blow if anything had happened to that building.

When having an expert team in your corner really helps

Understandably, Rachel’s mum was uneasy that their livelihood hadn’t been adequately protected. So our experts not only put adequate cover in place, whilst providing cost savings by streamlining several policies under one, they also took the time to explain all the levels of cover and policy wording to give her the reassurance that she has the cover she needs.

“We had been with the same insurance broker for 44 years however in 2020 I approached Marsh Commercial to quote for our haulage company. I was so incredibly impressed with how thorough Francesca was, her attention to detail and the fact that nothing was too much trouble. We were due to renew our farm insurance around the same time and because Francesca had gone above and beyond to get us the best cover at the best price we asked her to quote. At this point Francesca spotted discrepancies in the current insurance documents regarding the construction of the property and a missing appendix that should have covered this. Upon further investigation we found that our broker who we had insured the property with for 24 years had made alterations 10 years prior to this and we had in actual fact not been covered for that period of time. We now receive a far higher standard of cover for our business and the correct cover for our farm and I cannot fault the professionalism, hard work and high quality of service we have received from Francesca. I have since recommended her to many of my associates and family.”

Rachel Morris-Jones, Managing Director, CJ Morris Transport