SPECIALIST INSURANCE COVER RESCUES FLOOD VICTIM

 

James Agnew, Private Clients Director of specialist insurance broker Stackhouse Poland, knows the benefits of having full and comprehensive insurance first-hand – his 15th Century home was flooded in 2000, causing £160,000 worth of damage. Fortunately, James had been wise enough to make sure he had specialist insurance cover before the flood, ensuring his financial and physical needs were taken care of within hours of the disaster.

James, who had to cope with a foot of water throughout his home for over a month, had never experienced flooding before.

"To the best of my knowledge, this was the first time the house had flooded, so I wouldn’t necessarily have seen the need to make extra provision for flood damage."

"Luckily, my insurance policy provided for the full extent of the damage – I eventually received a payout totalling £160,000. The speed of service was crucial in this case, in order to prevent more damage being done to the house – within 2 hours I had £15,000 in my bank account with which to pay for emergency repairs."

It was following this experience that James’s company – specialist insurance broker Stackhouse Poland - decided to set up a relationship with an outsourcing company to assist with such emergencies. Stackhouse Poland now ensures that all claims for flood, fire, theft or accidental damage are project managed to help clients repair damages in a quick, effective and cost-efficient manner. This service is one of the reasons Stackhouse Poland is known for its customer-friendly, individual approach to insurance.

"Most people don’t account for the amount of time it often takes to manage house repairs. Having to direct a team of five or six electricians, carpenters and bricklayers takes significant time and dedication. I was fortunate to have a specialist insurance package rather than a standard off-the-shelf package which might not have included such provision for project management."

Despite these improvements in insurance services and risks such as flooding, theft, fire and accidental damage, Agnew says that the vast majority of us are dangerously underprotected: "I would say that 99% of people are underinsured. Every client I see is underinsured by at least 50-60%."

"Every day I hear about people kicking themselves because they lacked the necessary insurance to replace possessions or property they lost. It’s important to take into account all factors, and to be completely honest, otherwise you run the risk of being caught short in the event of an incident."

"People base too much on their monthly payments, and don’t realise that choosing the correct, all-encompassing insurance policy for them need not mean a higher premium. In fact, by choosing a policy that best suits an individual, it is possible to actually reduce monthly payments. By choosing such a specialised policy you avoid the risk of being included with a diverse, multi-risk customer base, whose generalised policies are inflated because of the wide variety and background of potential claimants."

Stackhouse Poland was established in 1974 and is a management owned, independent company, which has a specialisation in larger properties, art, antiques, investment properties, motors (classic and high performance), rural estates and equestrian cover, yachts and aviation.

For more information on specialist insurance cover, please contact Keith Hester at Stackhouse Poland on 01428 725 388 or email keithhester@stackhouse.co.uk.