Loss Recovery Cover
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Loss Recovery Cover

Whilst most brokers will have the knowledge and expertise to deal with day to day claims, a large loss or more complicated claim could lead to you requiring further expertise.

What is Loss Recovery?
This cover provides the services and pays for a qualified independent claims expert to help you prepare, present and deal with claims in respect of Material Damage losses in excess of £5,000.

What are the benefits of the cover?
The cover provides you with:

  • Personal attendance by a Loss Adjuster as soon as practicable after the loss to ascertain the extent of the loss or damage and to liaise with Insurers and Morrison Insurance Solutions in all matters concerning the loss
  • Dedicated Claims Expert to prepare and negotiate your claims
  • Liaison with architects, builders, surveyors, engineers in the reinstatement of buildings
  • Preparation of business interruption claims, loss of rent claims and liaison with accountants & auditors
  • Negotiation of interim payments
  • Negotiation of best practicable settlement within the limitations of the relevant policies
  • Expedition of claims with a view to swiftest settlement and return to “business as normal” for you
  • Arrangement of Remedial works and surveyors if required

Do I need Loss Recovery cover?

What if, as a property owner, one of your tenanted houses was turned into a Cannabis factory?

This happened to one unsuspecting Landlord!

Although the rent was paid in advance and regular visits to the house did not arouse suspicion, the problem came to light when a neighbour called to say that water was running out of the front door.

Being away at the time, he gave permission to the local police to force entry. Apart from damage to the cold water cylinder, what they found was substantial alterations to the property, including the installation of stud walls, a high energy lighting system and damage to the electricity supply meter.

Initially, the insurance company offered to pay £5,000 to cover for the tenant’s actions in converting the property but not for the water damage, as they argued that this was due to humidity and damp.

The landlord had ‘Loss Recovery Insurance’ as part of his landlord policy and this enabled a Chartered Loss Adjuster to be appointed to represent the policyholder. He was able to prove that most of the damage had been caused by an escape of water, an event which was covered by the policy wording. In addition to the £5,000 offered, he was able to secure an additional £23,000 of funds, both to cover the cost of returning the house to a position where it could be let and to cover the rental income lost as a result of the damage.

Want to know more?
Give one of our experts a call on 01789 761660