Insurance

Trusted Restoration are uniquely placed to advise clients on repair and restoration of items, not only because of Laurence Mitchell’s life time in the world of antiques, fine art and porcelain, but because of both his and his associates’ background in the world of insurance. Laurence himself has been involved in insurance and risk management for over 10 years.

There are things that only experts like those at Trusted Restoration know.

For instance, Elizabeth buys a vase for £10 and gives it to her grandfather as a present. Some while later, he drops it and it smashes into several pieces. When Elizabeth goes back to the shop for a replacement, she finds that the vase was the last of a line and is now unrepeatable.

Both she and her grandfather are heartbroken, as he has by now become extremely sentimentally attached to it. They make an insurance claim and are only offered the value of the original vase, £10. However, it is possible that, on hearing that the vase is now of extreme sentimental value and irreplaceable, the insurers may, at their discretion, decide to authorise a complete restoration. This would almost certainly be far more than the original cost of the vase.

Very few people understand how the world of insurance works, particularly in respect of household items that have a sentimental or real monetary value.

Seven things you should know about insurance.

• An Insurance Broker is someone who acts as an intermediary between individuals and companies and the insurance market in order to obtain the best terms for insurance alternative risk financing. A broker often works on a commission, paid by insurers receiving the business, or a fee charged by the broker to the client.
• An Underwriter works for an insurer, such as a company or a syndicate at Lloyd’s and determines whether a risk is acceptable, what the premium should be and what terms and conditions should be applied.
• An Insurance Company acts as managers for profit of the insurance pool or fund. They employ a staff to administer the various aspects of the business, such as underwriting and claims. www.fulmar.net
  
• A Loss Assessor acts for the claimant, normally charging a percentage of the negotiated settlement (subject to a minimum fee) to maximise the amount recoverable from an insurer in a claim.
• A Loss Adjuster is an independent expert, normally retained by insurers, to assist in investigating and settling the claim as required under policy terms and conditions. From time to time, loss adjusters now also act for claimants. Check out http://www.cila.co.uk
  
• The Insurance Ombudsman Bureau is available to you if you are insured with a member company and you are not satisfied with the way you are being treated. http://www.thejob.org.uk
  
• The Association of British Insurers is a trade association of all the major UK insurers, whose aim is to provide information, support and assistance to the general public and insurers in their various and numerous relationships. They are also involved in a number of major fraud initiatives. Details of all their numerous services are available on line at http://www.abi.org.uk

HAVE YOU HAD AN ACCIDENT? BROKEN A FAVOURITE PIECE? THINK IT’S TOO LATE TO CLAIM? GET THE EXPERT’S ADVICE – Ask us now