DAS is offering mortgage brokers their own loss adjustor to process their side of the claim should a major event such as a fire or flood occur.
Events such as these are covered under business interruption and material damage insurance policies and, in the event of a claim under these policies, insurance companies will appoint their own loss adjustors to assess the damage and extent of the claim from their perspective.
Loss Assist gives mortgage brokers the support of a dedicated loss adjustor within 24hrs of reporting a claim, right through to settlement by their insurer.
There is on-site assessment for claims over £5,000 and telephone for claims under £5,000 and up to £100,000 in expert fees to support a claim.
The policy usually costs around 5% of the existing commercial insurance premium and can be arranged by the mortgage broker’s existing broker.
“Major losses can be very damaging to any business and are often complex and difficult to prepare, manage and negotiate while at the same time continuing to maintain as normal a business operation as possible,’ said Richard Harris, head of claims at DAS.
“Our new product takes a lot of this burden away by providing high quality, professional support throughout the entire claim process.
“This allows mortgage brokers to concentrate on what they know best, namely running their business. It is also not about pointing the finger at an insurer and saying ‘you’re not doing a good job’, however, issues can arise and failings can occur and I would, therefore, always advise mortgage brokers to consider the added protection it provides.”