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Steve's Story - Work with a Diligent Insurance Broker

Steve was furious when he got the call from his insurance broker, Alan. Alan informed him that the £50,000 worth of equipment stolen from his construction site overnight would not be covered by his plant, tools and equipment policy. The site had not been properly secured with fencing or hoarding when the crew left for the evening, which breached the security conditions of his policy.

As the owner of a successful regional construction company for over 20 years, Steve had trusted Alan to properly understand his business and risks. But it was now clear that Alan had failed to clearly explain the overnight site security requirements when the policy was first taken out.

If Alan had been more thorough in reviewing the exclusions and conditions with Steve initially, this whole situation could have been easily avoided. A quality insurance broker would have highlighted the need for proper fencing around equipment left on site overnight.

Steve couldn't help but think that if he had been working with a more diligent insurance professional from the start, they would have ensured he understood exactly what he needed to do to comply with the policy.

Now, Steve was facing a massive loss on this job, on top of the headache of replacing the stolen tools, plant and equipment.

And his trust in his broker was badly shaken. Steve regretted not vetting Alan more thoroughly when he had taken over Steve's account a couple years back.

It was going to be a painful lesson about how costly working with an inattentive insurance broker could be. Next time, Steve resolved to be much more careful about who he relied on to safeguard his business.


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