Policy wording hits claims redress

NEARLY a third of company executives and senior managers blame “misleading” policy documents for the trouble they have in getting commercial insurance claims paid out.

According to research from insurance consultant Mactavish, 32 per cent of business leaders who have had trouble with their claims being rejected or not settled in full believe it was down to the wording of their policies being misleading or unclear. Mactavish also said that half believe that the process of making a commercial insurance claim is too difficult, while 22 per cent said that it was because the cover provided by their policies was inadequate.

The consultant said that over the past year it has seen a 25 per cent increase in the number of firms that want their policies reviewed to ensure they are protected.