Uninsured schemes

Back in 1829 an American called Charles Caleb Colton coined the phrase “imitation is the sincerest form of flattery.” Unfortunately we don’t believe this can be said of some of the new companies attempting to enter the Loss Recovery market in 2009.

Over the last few months brokers have been warning us about products being offered to them without the backing of an insurer. While we have always believed that Loss Recovery Insurance should be available to all policyholders with a suitable policy, the product has to be right and deliver support quickly when called upon.

Dealing with a few standard claims is fairly straightforward for a well trained team such as ours. However, when a flood or another disaster strikes and hundreds of claims are received at the same time it is a very different story if the claims concierge service is not adequately underwritten.

But rest assured that Lorega’s Loss Recovery Insurance is underwritten by a well capitalised insurer. It always has been and always will be; we wouldn’t have it any other way.

We will be monitoring the arrival of the new ‘imitators’ and will report back to you over the coming months. We would also appreciate receiving your thoughts at enquiries@lorega.com.