Our core SME product range does not have an Average clause applying. This means policyholders who find themselves underinsured will have their claim met up to the full sums insured level – we will not reduce the claim by applying Average.
Average Free Line applies at point-of-quote. Using data sources to capture property dimensions, we can highlight if sums insured are out of line for a trade and area. Your journey through QuoteSME now includes a new page for risks that appear below these values.
Over the past couple of years we’ve researched and developed a unique database that you and your customers will now be able to benefit from.
We’ll share at point-of-quote when a case falls outside of the typical range for a risk in a given trade and area, prompting a conversation between you and your customers to ensure they have adequate cover improving service and expertise to your customers.
Following the FCA's Thematic Review, which revealed 40% of SMEs could be underinsured; we've taken this customer focused step of dealing with underinsurance to help provide peace-of-mind for you and your customers.
We'll only pay up to the sums insured; so, to ensure that your customers are fully protected, use our guidance notes when you're doing the maths.