Navarinou 10, 1100, Ayios Andreas, Nicosia

savvas@insurancelinkcyprus.com

         

70 08 88 83

For those of you who want to be insured and not just pay for the premiums

Insurance Audit

What is the purpose of an Insurance Audit Service?

The specialized Insurance Audit service offers an independent evaluation in the insurance policies of individuals and businesses. The purpose of this assessment serves as a second opinion and provides an objective and valid information regarding the suitability of the insurance policies in relation to the reason for which they have been acquired, as well as the correctness of their terms and exclusions. A key question that needs to be asked is whether the insured pay reasonable premiums for the benefits of their insurance policies.

The Insurance Audit service is for those Business and Individuals, who want to know for sure that they are insured, and not only pay for the premium.

Insurance Audit

Why shall I perform an Insurance Audit in my personal and business Insurance?

  • Because it will be too late, after a fire in your business, to find out that it is underinsured, or it excludes the loss of profit.
  • Because it will be disastrous after a burglary in our home to find out that the insurance policy covers “burglary”, and not theft.
  • Because it would be a disaster to find out after a serious accident that deprives us the ability to work again, that our insurance policy covers only incapacity to do any kind of work, instead of our own work!
  • Because it would be a disaster to find out at the time of our retirement that our retirement plan will not “retire” us due to incorrect investment or design inappropriateness.
  • Because it will be tragic for the family of someone who died prematurely to be compensated with crumbs from their life insurance, due to insufficient insurance amount.
  • Because it will be disastrous after a catastrophic event, to have your claim rejected by the insurance company because of a serious exclusion you have not noticed.
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The insured should buy, not be sold to.

An additional factor that we should take into account for the sustainability of the insurance contracts in our possession, is the fact that they may have been signed under the pressure of Banks for various facilitations we required as either individuals or entrepreneurs. In most of these cases, due to pressure and without any possibilities of negotiating anything set on the table, various proposals have occurred which result in more economic benefits for the Banks rather than us. As a result, in most cases, it produces high insurance premiums and few benefits. Especially if we bear in mind the way banking institutions have proved to have acted and made decisions, they may have invested our money into wrong investments with known catastrophic results. Taking this into account, we will soon realize that it is time to audit our insurance contracts.

Savvas P. Christoforou

CLU FLMI MBA LUTCF

Chartered Insurer

The Insurance Audit service, is addressed to those who want to know and not the ones who think that they are insured

The institution of insurance

Undoubtedly, the institution of insurance is the best ways of protection and assurance for all of those that we are surrounded by and we love, whether this is our loved ones, our company, or our property. Every year, insurance companies pay millions of euros for claims and benefits to their insurers. At the same time, the institution of insurance positively contributes to the financial stability of a society and serves millions of persons and companies worldwide at the time when they need tangible support. However, nobody can be sure whether his or her insurance coverage is necessarily the correct one or at least the most appropriate. Unfortunately, many insured people when they had a claim on their insurance, they realize that for a long period of time they were unnecessarily paying for the wrong type of insurance.

The troublesome situations mentioned above are increasing due to the difficulty and complexity of the insurance system. For this reason, various queries often arise not only to a simple buyer but also to one that is further informed. Therefore, an insurance cover can only be deemed appropriate if the real needs of the insured are covered, if it provides the correct terms and most importantly, if it can succeed in reducing or even preventing the dangers for which the Insurance was acquired.

 EXAMPLES OF VARIOUS REAL FINDINGS AFTER AN INSURANCE AUDIT

  1. A businessman and owner of shops that prepares and delivers food, paid for Indemnity Insurance which included food poisoning, the cover was limited to only food consumed in a restaurant (premises liability), whilst 90% of his occupation was delivering food to homes.
  2. A homeowner insured his home at its full replacement value and paid the relevant premium while his insurance provided indemnification after wear and tear of the home instead of replacement (new for old).
  3. A young accountant without any dependents had life insurance with double insurance value than the one in the disability insurance.
  4. A homeowner, with health insurance, had insurance coverage with the definition ‘per occurrence’.
  5. A metal constructions owner, who undertook manual labor, had accident insurance which stated his occupation as ‘Company Director’.
SAVVAS CHRISTOFOROU
SAVVAS CHRISTOFOROU

EXAMPLES OF REAL FINDINGS AFTERN AN INSURANCE AUDIT

  1. A property owner had deeded the house to his daughter while he remained the insured.
  2. A business had employers’ liability insurance with definition of occupational diseases, only those mentioned in the “two columns of the Social Insurance Law (illnesses) 1980”
  3. A homeowner had third party liability insurance for his vehicle with a cheap insurance company.
  4. An importer of goods insured his goods (marine insurance), only ‘port to port’. In an accident, due to the overturning of the truck goods were destroyed while they were transported from the port to his warehouse.
  5. A businessman who installed air conditioners was called to indemnify the owner of a flat where his employee was installing a device because damage was caused after his employee through a cigarette in the floor. He was surprised when he received the claim.

Advantages

With the Insurance Audit service you will have an independent review of your insurance contracts before you even need them. This service is offered by experienced and qualified insurance advisors with international academic and professional qualifications and many years of presence in the insurance field. By reviewing your insurance you can feel safe and ensure that the insurance premiums you pay offer you the necessary insurance coverage so that you can enjoy the important moments in your life.

What is the cost?

The cost of evaluating an insurance contract, Insurance Audit, is relevant to the required hours needed for evaluation and check the insurance contract. The more information the customer provides, the less hours are needed for the evaluation. Please do not hesitate to contact us for an offer of the cost of your Insurance Audit.

PROCEDURE FOLLOWED

The procedure begins by submitting all the relevant insurance documents and according to the type of insurance contract it is possible that we may ask for further information from the insurance company. Then, through a private appointment with the insured or a visit to the insured’s property, if we are dealing with a Property or Business Insurance, we will ask the answers we need to various questions for evaluating the insurance. After a short waiting period, we will give you in writing and present the results.

WHAT TYPES OF INSURANCE CAN THE INSURANCE AUDIT SUPPLY SERVICE APPLY TO

The Insurance Audit service can be applied to all types of insurance contracts, whether it is for individuals or companies. Specifically:

  • Property Insurance for buildings, contents, stock
  • Home Insurance
  • Employers Liability Insurance
  • Public liability
  • Professional indemnity
  • Directors & Officers Liability
  • Cyber Liability
  • Products liability
  • Business Interruption
  • Insurance for theft of property and money
  • Marine Insurance, by sea, air, or land
  • Life insurance (permanent, investment, term insurance
  • Fleet Policies
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