Under-insured fleet managers committing ‘commercial suicide’
Fleet managers could face a rude awakening when they come to make a claim, according to commercial vehicle insurance broker Gauntlet.
It says it’s found several instances of underinsurance when quoting for business, and has warned companies to make sure their policies match their business operations or risk having claims declined.
Ian McCarron, Gauntlet’s director and head of motor fleet division, said, ‘We are discovering an increasing number of instances of underinsurance in cases where other brokers have not examined the fleet business in-depth and have quoted on historic information, rather than current scenarios.
‘Being underinsured is commercial suicide, particularly in a sector that is high-risk anyway and where a claim is only one driver mistake, theft, or arson attack away.
‘Fleet managers need to ensure their insurance premiums are based on current situations. If not, they could suffer a rather rude awakening when they come to make a claim.’